CoStar Group price target lowered to $86 from $88 at Citi

Citi analyst Peter Christiansen lowered the firm’s price target on CoStar Group (CSGP) to $86 from $88 and keeps a Buy rating on the shares. The company beat expectations by more than usual, while bookings rebounded 20% quarter-over-quarter, the analyst tells investors in a research note. The firm reduced the stock’s multiple given a potential changing growth algorithm for apartments, but still sees improving commercial real estate cycle trends and likely a “de-risked outlook.”