CoStar Group upgraded to Buy from Hold at Jefferies

Jefferies upgraded CoStar Group (CSGP) to Buy from Hold with a price target of $67, down from $84. The firm says investor debate around Homes.com has created an attractive entry point. The presence of activists “simply heightens” CoStar’s focus, the analyst tells investors in a research note. Jefferies points out the stock has been range-bound over the past five years as the company underwent its largest ever investment cycle to try and build a new line of business. It sees CoStar’s adjusted EBITDA tripling to $2.4B in 2030 on margins getting to 36%.