CoStar Group price target raised to $109 from $95 at RBC Capital

RBC Capital analyst Ashish Sabadra raised the firm’s price target on CoStar Group to $109 from $95 and keeps an Outperform rating on the shares. The firm states that premium agents on Homes.com grew about 29% vs. the prior week to 5,276 as of last week, driven by solid 34% growth in the Top 25% agents. This bodes well from a monetization perspective as the pricing depends on agents’ transactional history, and RBC expects the solid momentum to be sustained, with over 1,000 CoStar salespeople selling Homes.com, the analyst tells investors in a research note.