Colliers International resumed with a Buy at Stifel

Stifel resumed coverage of Colliers International with a Buy rating and $145 price target following completion of its $300M equity financing, which the company intends to use to pay down its revolver to free up capacity for future acquisitions. The deal was “somewhat of a surprise given Colliers has so infrequently tapped the public markets in the past,” but it aligns with management’s “decidedly bullish” tone during Q4 reporting, the analyst tells investors. The firm believes Colliers’ M&A focus is squarely on growing its recurring services, consistent with its long-term strategy, the analyst added.