Colliers International initiated with an Outperformer at CIBC

CIBC initiated coverage of Colliers International (CIGI) with an Outperformer rating and $160 price target While the timing and extent of a commercial real estate recovery remain somewhat uncertain, Colliers’ earnings profile has shifted materially in recent years, says the analyst, who sees valuation upside given reduced transactional exposure and the company’s “established 10-year track record of effective capital allocation.”