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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Read More on CSGP:
- CoStar Group price target lowered to $87 from $98 at Baird
- CoStar Group price target lowered to $90 from $100 at JMP Securities
- CoStar Group sees FY23 adjusted EPS $1.21-$1.22, consensus $1.25
- CoStar Group sees Q4 adjusted EPS 31c-32c, consensus 35c
- CoStar Group reports Q3 adjusted EPS 30c, consensus 30c
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