RBC Capital downgraded CoStar Group (CSGP) to Sector Perform from Outperform with a price target of $83, down from $96. The company’s core bookings declined 34% year-over-year and Homes.com bookings moderated to $1M in Q3 from $55M in the first half of 2204 despite the elevated investments, the analyst tells investors in a research note. The firm says that although CoStar’s core salesforce transitioning back should help, higher for longer interest rates could likely continue to weigh on the demand environment. A such, it believes the company’s ex-residential organic revenue growth could potentially moderate further in fiscal 2025.
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Read More on CSGP:
- CoStar Group Reports Strong Q3 2024 Financial Results
- CoStar Group to acquire Visual Lease, terms not disclosed
- CoStar Group reports Q3 EPS 13c, consensus 16c
- CoStar Group sees Q4 adjusted EPS 21c-23c, consensus 24c
- CoStar Group raises FY24 EPS view to 67c-69c from 64c-66c, consensus 66c
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