BMO Capital analyst Jeffrey Silber lowered the firm’s price target on CoStar Group to $68 from $84 and keeps a Market Perform rating on the shares. The company’s 2023 guidance was well below consensus, specifically in Adjusted EBITDA, with a spending ramp-up driven by spending in Residential segment as it continues to invest for long-term growth, the analyst tells investors in a research note. The firm adds that CoStar’s strong growth can continue, boosted over time by its expansion in the Residential sector, though its "investments weill" be heavy in the near term.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on CSGP:
