CBRE Group price target lowered to $90 from $103 at Goldman Sachs

Goldman Sachs analyst Chandni Luthra lowered the firm’s price target on CBRE Group to $90 from $103 and keeps a Buy rating on the shares. The analyst sees "incremental challenges" to property transactions in the current macro backdrop that makes a recovery in commercial real estate in the back half of 2023 "harder to come by." The firm thinks the outlook for commercial real estate service providers is more challenging than a month ago. As such, it sees downside to 2023 guidance provided with the Q4 results, and cut estimates and price targets across the space.