Raymond James analyst Patrick O’Shaughnessy downgraded CBRE Group (CBRE) to Outperform from Strong Buy with a price target of $152, down from $155. The firm cites valuation for the downgrade. It e continues to view CBRE as having the most attractive secular growth profile within its peer group, but thinks there are currently more attractive risk/reward propositions elsewhere amongst peers given the stock’s premium valuation relative to peers. CBRE now trades at a nearly six-turn premium relative to JLL (JLL), which compares to its three-year average premium of four-turns, Raymond James points out.
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