Evercore ISI upgraded CBRE Group to Outperform from In Line with a price target of $123, up from $100. The company increased its 2024 earnings guidance by 8% to reflect the Q2 beat and an improved outlook across a number of business lines, including a less bad sales environment, improved profitability in the REI segment and better cost controls across the organization, the analyst tells investors in a research note. CBRE ‘s sales environment “seems to have bottomed” and its profitability trends “are moving in the right direction,” says the firm. Evercore notes the company continues to maintain a low leveraged balance sheet with net debt to EBITDA at just 1-times, leaving ample capacity to either buyback stock or continue with acquisitions.
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