JMP Securities lowered the firm’s price target on CoStar Group to $85 from $90 and keeps an Outperform rating on the shares. CoStar Group delivered solid Q4 results, with both revenue and adjusted EBITDA finishing above consensus estimates, but guidance for Q1 and 2024 was softer than expected on the bottom line, the analyst tells investors in a research note. The firm is encouraged by the early results for Homes.com, which saw roughly $4.5M in net new bookings in its first week, and says CoStar’s ability to generate an anticipated $1.1B in profits from its commercial portfolio leaves it well-positioned to continue investing aggressively in preparation for an improving residential real estate transaction environment.
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