Newmark initiated with an Outperform at Citizens JMP

Citizens JMP analyst Mitch Germain initiated coverage of Newmark (NMRK) with an Outperform rating and $17 price target The firm initiated coverage of five property services companies, saying underlying business trends appear favorable despite market volatility. It forecasts double-digit earnings growth and margin expansion over the next two years. Citizens believes the “initial sticker shock” from the elevated integrate rate environment has faded and that property services stocks are now positioned to benefit from improving sector dynamics. Newmark is the firm’s top pick as it the company’s market share gains to outpace peers.