B.Riley FBR Believes CoStar Group (CSGP) Still Has Room to Grow


In a report released today, Scott Buck from B.Riley FBR maintained a Buy rating on CoStar Group (CSGP), with a price target of $610. The company’s shares closed yesterday at $580.56, close to its 52-week high of $592.34.

Buck wrote:

“Buy-rated CoStar (CSGP) reported better-than-expected 2Q19 operating results, after the market close on 7/23, exceeding B. Riley FBR and consensus estimates. The beat to our forecast was driven by stronger revenue growth across the Land which more than offset lower-than-expected multi-family revenue. The quarter’s results were highlighted by $59M in new bookings, the highest in the company’s history, and up 32% year over year. Higher-than-expected revenue and in-line operating expenses resulted in adj. EBITDA of $110M vs. guidance of $98-$102M and our $101M forecast. Within the earnings release, management indicated that it is making modest upward revisions to its full-year operating guidance.”

Buck has an average return of 25.9% when recommending CoStar Group.

According to TipRanks.com, Buck is ranked #4772 out of 5247 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for CoStar Group with a $620 average price target, which is a 6.8% upside from current levels. In a report released today, JMP Securities also maintained a Buy rating on the stock with a $630 price target.

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Based on CoStar Group’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $85.17 million. In comparison, last year the company had a net profit of $43.84 million.

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock.

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CoStar Group, Inc. is engaged in the provision of information, analytics, and marketing services to the commercial real estate industry. Its integrated suite of online service offerings includes information about space available for lease, comparable sales information, tenant information, information about properties for sale, internet marketing services, analytical capabilities, information for client’s websites, information about industry professionals and their business relationships, data integration, and industry news. It operates through the North America and International segments. The North America segment comprises of U.S. and Canada. The International segment includes of the United Kingdom, Spain, Germany, and France. The company was founded by Andrew C. Florance and Michael R. Klein in 1987 and is headquartered in Washington, DC.

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