CoStar Group price target raised to $100 from $85 at Citizens JMP

Citizens JMP raised the firm’s price target on CoStar Group (CSGP) to $100 from $85 and keeps an Outperform rating on the shares following a transfer of coverage. The firm acknowledges the challenging industry backdrop for property technology businesses today, but believes the macro environment is unlikely to get worse before interest rates start moving lower. With real estate one of the largest categories across the economy, and technology helping to increase information transparency, liquidity, and transactions overall, CoStar’s business can outperform the underlying industry’s growth rate, the analyst tells investors in a research note. CoStar’s information suite “remains highly defensible,” and its revenue growth can accelerate with the recovery of commercial real estate, Citizens contends.