Needham & Company Reinstates CoStar Group (CSGP) at Buy
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Needham & Company reinstates coverage on CoStar Group (NASDAQ: CSGP) with a Buy rating and a price target of $240.00.
Analyst Mayank Tandon commented, "We are reinstating coverage of CoStar with a BUY rating and a $240 target price. As the leading provider of critical information services for the commercial real estate and apartment markets with a multi-billion-dollar market opportunity, high barriers to entry, and potential for low double-digit organic revenue growth and sustained EBITDA margin expansion, we believe CoStar can support a premium valuation to its LT 20-25% EPS growth rate, particularly as it continues to strengthen its competitive position both through organic and inorganic means. We see the recent pull-back as an attractive opportunity for long-term focused growth-oriented portfolios to buy the shares. Our $240 target, which calls for about 15% upside, is based on roughly 45x our FY17 EPS estimate."
Shares of CoStar Group closed at $208.23 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Following 1Q Beat
- Mizuho Securities Starts Mylan (MYL) at Buy
- UBS Cuts Price Target on Kimberly-Clark (KMB) Following 3Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!