CoStar Group price target raised to $70 from $65 at Wells Fargo

Wells Fargo raised the firm’s price target on CoStar Group (CSGP) to $70 from $65 and keeps an Underweight rating on the shares. The firm is modeling $80M net new bookings in Q2 vs. Street $70M with strength driven by CoStar’s sales force growth. Wells is concerned that Homes.com’s better near-term performance will justify continued elevated investment longer term.