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CoStar Group price target lowered to $80 from $100 at Needham

Needham analyst Mayank Tandon lowered the firm’s price target on CoStar Group to $80 from $100 but keeps a Buy rating on the shares. The company’s Q3 results were soft as tougher property market conditions pressured revenue and accelerated investments in the residential business weighed on margins, the analyst tells investors in a research note. The firm adds however that while the near-term outlook is challenged, CoStar’s moat remains wide and as property market conditions improve, revenue growth should re-accelerate.

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