CoStar Group price target raised to $100 from $90 at Needham

Needham analyst Mayank Tandon raised the firm’s price target on CoStar Group to $100 from $90 and keeps a Buy rating on the shares. The company’s Q2 results were mixed as softer commercial transaction volumes pressured Ten-X revenue and LoopNet sales missed expectations, the analyst tells investors in a research note. However, this was offset by margin leverage to drive an earnings beat, says the firm. Despite the softer near-term rends, Needham remains constructive given CoStar’s leading competitive positioning in the commercial real estate information services and multifamily markets. It views the stock’s risk/reward as favorable for long-term investors.