CBRE Group price target lowered to $91 from $94 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the firm’s price target on CBRE Group to $91 from $94 and keeps an Outperform rating on the shares. Following the firm’s annual real estate conference last week, “it’s clear that stubbornly high rates are wreaking havoc with the property sales market,” says the analyst, who is lowering the firm’s FY23 EPS estimate to $4.00 from $4.30 and its FY24 EPS estimate to $5.20 from $5.43, leading to a lower CBRE price target.