CoStar Group (CSGP) PT Raised to $500 at Needham & Company

Needham & Company analyst Mayank Tandon raised the price target on CoStar Group (NASDAQ: CSGP) to $500.00 (from $475.00) while maintaining a Buy rating.

Tandon commented, "We recently hosted Richard Simonelli, VP - Investor Relations and Public Relations, for investor meetings in Minneapolis. We came away from the meetings confident that the integration of the LoopNet and CoStar databases and enhanced scale in the Multi-Family segment has strengthened CoStar's competitive position. With the incremental strength in the CoStar Suite segment, boosted by the LoopNet up-sell impact and the bankruptcy of a low-cost competitor - Xceligent, and industry-leading traffic and lead to lease conversions in Apartments, we believe CoStar can continue to deliver strong beat and raise performances. We view CoStar as a highly defensible asset worthy of a premium valuation. We reiterate our BUY rating and raise our target to $500."

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