Jefferies upgraded CBRE Group (CBRE) to Buy from Hold with a price target of $152, up from $133. The firm maintains a Positive outlook on the commercial real estate services space for 2025. Jefferies sees continued double-digit growth in “resilient revenue businesses” for JLL and CBRE, a “solid” leasing recovery, and upside skew to estimates in capital markets, as it thinks fears of reinflation and higher rates are overdone. It upgraded CBRE, saying the company’s leadership in the outsourcing industry should continue to drive double-digit sales growth, with upside from capital markets activities.
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