Needham & Company Raises PT on CoStar Group (CSGP) to $115
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Price: $112.03 -1.99%
Rating Summary:
1 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Rating Summary:
1 Buy, 1 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Trade CSGP Now!
Needham & Company raised its price target on Buy-rated CoStar Group (NASDAQ: CSGP) from $100 to $115 following "solid" Q4.
The firm comments, "Q4 performance was solid, highlighted by accelerated bookings growth (up 27% y/y vs. up 21% y/y in Q3), solid LoopNet crossselling activity, (record new customer adds at 1,292), and improved retention rates (trailing 12 month retention rate was 94%+). Encouragingly, management raised 2013 guidance (even despite a $5-7 million headwind from a decision to defocus on some redundant/low-value services), which reflects positively on the strength of trends of both the core Costar and Loop businesses. Importantly, the LoopNet integration appears to be tracking ahead of plan, with quicker realization of cost synergies ($18 million of $20 million in cost synergies already realized, roughly a year head of plan), and better cross-sell activity out of the gate which should drive some increased conviction around future up-sell potential ahead."
The firm moved FY13 EPS from $2.14 to $2.12.
For an analyst ratings summary and ratings history on CoStar Group click here. For more ratings news on CoStar Group click here.
Shares of CoStar Group closed at $100.74 yesterday, with a 52 week range of $57.89-$101.35.
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The firm comments, "Q4 performance was solid, highlighted by accelerated bookings growth (up 27% y/y vs. up 21% y/y in Q3), solid LoopNet crossselling activity, (record new customer adds at 1,292), and improved retention rates (trailing 12 month retention rate was 94%+). Encouragingly, management raised 2013 guidance (even despite a $5-7 million headwind from a decision to defocus on some redundant/low-value services), which reflects positively on the strength of trends of both the core Costar and Loop businesses. Importantly, the LoopNet integration appears to be tracking ahead of plan, with quicker realization of cost synergies ($18 million of $20 million in cost synergies already realized, roughly a year head of plan), and better cross-sell activity out of the gate which should drive some increased conviction around future up-sell potential ahead."
The firm moved FY13 EPS from $2.14 to $2.12.
For an analyst ratings summary and ratings history on CoStar Group click here. For more ratings news on CoStar Group click here.
Shares of CoStar Group closed at $100.74 yesterday, with a 52 week range of $57.89-$101.35.
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