BMO Capital raised the firm’s price target on CoStar Group to $88 from $84 but keeps a Market Perform rating on the shares. The company reported a beat to consensus and top-end of guidance due to spending timing and Residential upside, the analyst tells investors in a research note. BMO adds CoStar’s strong growth can continue, boosted over time by its expansion in the residential sector, but its investments will be heavy in the near term, with valuation also keeping the firm on the sidelines.
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