BMO Capital raised the firm’s price target on CoStar Group to $84 from $74 and keeps a Market Perform rating on the shares. The firm updated its model following closure of the acquisition of OnTheMarket. While relatively small, the deal should help accelerate CoStar’s international and residential expansion strategy, the analyst tells investors in a research note. BMO also believes it underestimated the expected increased marketing spend on the comapny’s U.S. residential business.
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