Barclays Maintains an 'Overweight' on CB Richard Ellis Group (CBG); Recent Selloff: Overdone
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Price: $47.31 -0.23%
Rating Summary:
6 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
6 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Overweight' on CB Richard Ellis Group (NYSE: CBG), PT $32.
Barclays analyst says, "After outperforming by a wide margin in 1Q11, shares of CBG have sold off 14.1% QTD, well below the performance of the S&P 500 (-4.6%), RMZ (-1.1%) and closest comp JLL (-11.3%). CBG shares are down 5.6% this week vs. -0.4% for the S&P 500, +0.1% for the RMZ and -1.3% for JLL. Based on conversations with management, we do not think fundamentals are driving that underperformance; instead macroeconomic concerns appear to be the cause. As such, we view recent weakness as creating a good entry point. Our positive thesis on CBG is intact: it is up 12.0% YTD. (S&P 500: +0.62% YTD)."
For more ratings news on CB Richard Ellis Group click here and for the rating history of CB Richard Ellis Group click here.
Shares of CB Richard Ellis Group closed at $22.94 yesterday.
Barclays analyst says, "After outperforming by a wide margin in 1Q11, shares of CBG have sold off 14.1% QTD, well below the performance of the S&P 500 (-4.6%), RMZ (-1.1%) and closest comp JLL (-11.3%). CBG shares are down 5.6% this week vs. -0.4% for the S&P 500, +0.1% for the RMZ and -1.3% for JLL. Based on conversations with management, we do not think fundamentals are driving that underperformance; instead macroeconomic concerns appear to be the cause. As such, we view recent weakness as creating a good entry point. Our positive thesis on CBG is intact: it is up 12.0% YTD. (S&P 500: +0.62% YTD)."
For more ratings news on CB Richard Ellis Group click here and for the rating history of CB Richard Ellis Group click here.
Shares of CB Richard Ellis Group closed at $22.94 yesterday.
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