Colliers International initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Colliers International (CIGI) with a Neutral rating and $170 price target The firm likes Colliers’ improving margins, high recurring revenue mix and the consistency of its execution that results in “strong” balance sheet and cash flow generation, but believes the stock’s valuation already reflects these traits. It could become more positive on the shares if assets under movement growth were to meaningfully improve and/or if its engineering expansion resulted in a stronger growth profile.