CoStar Group price target raised to $107 from $90 at Needham

Needham raised the firm’s price target on CoStar Group to $107 from $90 and keeps a Buy rating on the shares. The company’s Q1 results came in above expectations as the aggressive marketing campaign launched for Homes.com in February boosted residential revenue and also helped drive total net new bookings of $86M, a quarterly record, the analyst tells investors in a research note. The firm says that while management provided a mixed Q2 outlook due to shifts in timing of residential investments, the fiscal 2024 guide was raised following the strong start to the year. Needham cites the strong momentum in Homes.com, broad-based strength, and upside potential to Street estimates for the new price target.