- RBC Capital Markets analyst Jimmy Shan initiated coverage on Colliers International Group Inc (NASDAQ:CIGI) at Outperform at a price target of $128.
- The analyst believes CIGI’s globally recognized brand and high-value service position it to generate ROIC in mid-teens.
- Shan is also bullish on the company’s asset-light business model, strong FCF generation and capital re-investment in synergistic businesses.
- However, the analyst is concerned about the company’s short-term growth prospects, as the largely frozen CRE transaction market is expected to worsen its capital markets business.
- Nevertheless, Shan believes the headwinds can be curbed by highly profitable & scalable Investment Management, and Outsourcing & Advisory businesses and strategic acquisitions.
- The analyst expects revenues of $4.35 billion and adjusted EPS of $6.36 in 2023 and $4.62 billion and $7.26, respectively, in 2024.
- Price Action: CIGI shares are trading higher by 0.06% at $93.22 on the last check Wednesday.
Asia Markets Mostly In Red, Europe Up, Crude Oil Nears $75 – Global Markets Today While Us Was Sleeping
On Thursday, December 21st, the U.S. stock markets closed in green as economic data spurred hopes for a more relaxed Federal Reserve policy, boosting investor confidence.
In economic data, U.S. jobless claims rose to 205,000, below expectations of 215,000, while Q3 economic growth adjusted down to 4.9%, a decrease from the previously estimated 5.2%.
