Raymond James analyst Patrick O’Shaughnessy lowered the firm’s price target on Cushman & Wakefield to $12 from $18 and keeps a Strong Buy rating on the shares. Near-term uncertainty remains high as the transaction revenue backdrop has slowed meaningfully, pressuring profitability, and because Cushman has relatively low EBITDA margins and a substantial corporate interest expense burden, headwinds on higher-margin brokerage revenue have an outsized impact on its 2023 EPS outlook, the analyst tells investors in a research note. The firm believes believe most of this pessimism is already reflected in the company’s valuation.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CWK: