Colliers International price target lowered to $122.50 from $130 at Scotiabank

Scotiabank analyst Michael Doumet lowered the firm’s price target on Colliers International to $122.50 from $130 and keeps an Outperform rating on the shares. The analyst says higher interest rates and tighter credit markets since the company maintained its 2023 outlook are likely to push out any expectations for a normalization/recovery in the transactional business. The firm reduced 2023 EBITDA estimates below Colliers’ outlook.