Citi analysts raised the stock target on CoStar Group (NASDAQ:CSGP) to $105 per share (from $92).
While CSGP is a top pick for many years at Citi, analysts are incrementally bullish on the company’s nearer-term momentum. This is despite a recent ~30% stock run. As a result, they opened a 90-Day Positive Catalyst Watch on CSGP shares.
“Our view, both inside and outside forces are coming together, positioning the company’s marketplace segments for potential outsized bookings growth nearer-term. CoStar is uniquely/unequivocally positioned to benefit from 40-year highs in new apartment completions, as well as CRE vacancy levels that just eclipsed peak GFC levels. With Resi beginning to gain its form (brand launch in Aug, monetization launch likely in Nov), we think the stock has room to run,” the analysts said in a client note.
CSGP shares are up 11.8% year-to-date.