JLL price target raised to $230 from $215 at JPMorgan

JPMorgan analyst Anthony Paolone raised the firm’s price target on JLL to $230 from $215 and keeps an Overweight rating on the shares. The analyst updated models and continues to be constructive on the commercial real estate brokers. The transactional and cyclical business lines of leasing, investment sales, and loan originations should recover to more normalized levels in the coming years and result in a step-function up in EBITDA growth, the analyst tells investors in a research note. The firm sees 2025-2027 EBITDA and earnings growth for all the companies being well into the double-digit range and north of where comparable metrics for the S&P 500 sit today. JPMorgan’s top idea among the three names it covers remains JLL citing the company’s higher mix towards transactional businesses, noticeable improvement from its focus on margins, and valuation that is discounted to its largest peer CBRE.