CoStar Group selloff a buying opportunity, says JPMorgan

JPMorgan analyst Alexei Gogolev sees any potential pullback in CoStar Group shares as a buying opportunity post the earnings report. While the announced residential spend appears to suggest a heavy investment phase in 2024, much of these investments are brought forward as the company has accelerated the process of promotional activity and content investment in order to capture demand from agents, the analyst tells investors in a research note. The firm says what is more important for its $105 price target is the CFO still being optimistic that the 2027 targets may be met considering strong traction of Homes.com. JPMorgan keeps an Overweight rating on CoStar Group with a $105 price target.