Cushman downgraded to Outperform on transition year at Raymond James

Raymond James analyst Patrick O’Shaughnessy downgraded Cushman & Wakefield to Outperform from Strong Buy with an unchanged price target of $13. The analyst believes the company will go through another transition year in 2024 with limited revenue and EBITDA growth. The stock’s risk/reward is attractive, however, as the company is likely in the early days of a cyclical rebound with substantial earnings upside when capital markets rebound, the analyst tells investors in a research note.