CoStar Group price target lowered to $85 from $95 at Truist

Truist analyst Andrew Jeffrey lowered the firm’s price target on CoStar Group to $85 from $95 but keeps a Buy rating on the shares after its Q4 earnings miss and below-consensus guidance. The analyst believes that investors should accumulate shares on weakness, noting that while the ramping Residential investment will depress 2023 margin, it also sets up accelerating long-term organic revenue growth. The firm adds that it remains bullish on CoStar’s ability to drive Residential traffic, evidenced by 20M unique Homes.com visitors in Q4.