Maintaining a Buy on Colliers: Conservatively Set Expectations with Upside from Growth and Ayesa Acquisition

William Blair analyst Stephen Sheldon has maintained their bullish stance on CIGI stock, giving a Buy rating on February 12.

Stephen Sheldon has given his Buy rating due to a combination of factors, including management’s outlook for solid midteens growth in revenue, EBITDA, and EPS through 2026, even after a quarter that came in slightly below expectations on both the top and bottom line. He views the updated guidance, particularly when adjusting for the Ayesa acquisition, as broadly consistent with prior consensus while still implying a healthy mix of organic and acquisition-driven expansion.

Sheldon also emphasizes that Colliers appears conservatively positioned in its brokerage assumptions, which could allow for meaningful upside if commercial real estate transaction volumes rebound more strongly than management’s base case. In his view, the company’s current producer capacity, the higher-margin contribution from Ayesa in engineering, and the growth prospects in investment management collectively support a favorable risk‑reward profile that justifies maintaining a Buy recommendation.

In another report released on February 12, Scotiabank also maintained a Buy rating on the stock with a $185.00 price target.