Evercore ISI analysts adjusted their price target for CBRE Group (NYSE:CBRE) to $104, up from $103, while maintaining an In Line rating. The analysts noted that ahead of CBRE’s first-quarter earnings, expected towards the end of April, minor adjustments in revenue and margin forecasts have nudged the 2024 and 2025 core EPS estimates upward by about 1.5%. The price target increase reflects these changes.
While acknowledging CBRE’s robust financial position and leading market share, the analysts remain cautious about the precise timing for a significant rebound in sales activity. The recommendation is to wait for a more opportune time to invest in CBRE, either in the coming months or once there’s greater clarity on the interest rate landscape.