CoStar Group price target lowered to $82 from $101 at JPMorgan

JPMorgan analyst Alexei Gogolev lowered the firm’s price target on CoStar Group (CSGP) to $82 from $101 and keeps an Overweight rating on the shares. The company’s exceeded estimates as it benefited from better than expected contributions from recently acquired assets and continued momentum in the core commercial business, the analyst tells investors in a research note. However, the firm is now more cautious on CoStar’s mid-term revenue growth outlook, prompting the target cut. It still sees the company as good play on the improving commercial real estate environment.