CoStar Group price target raised to $105 from $80 at Needham

Needham raised the firm’s price target on CoStar Group to $105 from $80 and keeps a Buy rating on the shares. The firm is adjusting its model after the company has closed its acquisition of OnTheMarket – the third-most visited residential property portal in the U.K. Needham is positive on the deal and expects it to complement CoStar’s existing residential offerings, while also providing a foothold in a large international market, the analyst tells investors in a research note, adding that the company is widening its competitive moat by offering an increasingly diverse portfolio of real estate assets.