Truist analyst Andrew Jeffrey raised the firm’s price target on CoStar Group to $97 from $85 and keeps a Buy rating on the shares as part of a broader research note on FinTech names. After a strong Q4, the firm sees “more of the same” for the group as investors add exposure in a soft landing and press multiple expansion for fast-growing Digital FinTechs that are approaching profitability, the analyst tells investors in a research note. CoStar should also be able monetize its differentiated Residential portal in 2024 supporting accelerating long-term organic revenue growth and meaningful EBITDA margin expansion even as likely higher near-term marketing spend weighs on its EBITDA estimates, Truist added.
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