CBRE Group price target raised to $132 from $123 at Evercore ISI

Evercore ISI raised the firm’s price target on CBRE Group to $132 from $123 and keeps an Outperform rating on the shares. Ahead of CBRE’s Q3 earnings report due on October 24, Evercore is making a few adjustments to its Q3 forecast, but “more importantly” it FY25 estimate, which it says is “heavily influenced by the pace of recovery in the investment sales business.” The firm’s FY24 estimate moves up to $4.76 from $4.72, which the analyst notes “still puts us below the midpoint of the company’s guidance range of $4.70 to $4.90,” but Evercore’s FY25 core EPS estimate moves up to $5.98 from $5.85 and it believes “there is still further upside if the transaction market snaps back faster than expected.”