CBRE Group price target raised to $160 from $130 at Citi

Citi raised the firm’s price target on CBRE Group (CBRE) to $160 from $130 and keeps a Buy rating on the shares. The firm updated its CBRE model to reflect Q3 results and updated operating assumptions. Citi increased its adjusted EPS estimates for 2024 and 2025, adding that its price target increase reflects a roughly 27x multiple to its 2025 adjusted EPS estimate and a roughly 14x 2025 EV/EBITDA multiple.