CoStar Group assumed with a Neutral at BTIG

BTIG assumed coverage of CoStar Group (CSGP) with a Neutral rating and no price target While the analyst sees “appealing elements” of the CoStar story, it notes that growth investors “historically struggle” with investment cycles and calls this “one of the biggest we’ve seen without visibility on an endpoint.” The current valuation fairly balances a still attractive core commercial real estate business against “what has the feel of an open-ended” residential investment, the analyst tells investors.