Barclays Maintains an 'Overweight' on Jones Lang LaSalle (JLL); Slight Miss; Focus Remains on Margins

Barclays maintains an 'Overweight' on Jones Lang LaSalle (NYSE: JLL) price target of $85.00.

Barclays analyst says, "Key Takeaway: Third-quarter AEPS came in slightly below our estimate (but ahead of consensus), as strong revenue growth was offset by lower margins. That said, we think 3Q11 results and management commentary were constructive, especially given heightened investor concerns regarding global real estate transaction markets over the past few months. JLL reported very strong growth across all of its business lines and management suggested its transaction pipelines remain solid. Management expects 2012 leasing volume to be up in Asia, flat in EMEA and down in the Americas, but noted that rents are rising across most major markets. eanwhile, cap rates are generally stable and JLL expects global investment sales volume to increase about 25% YOY. Finally, the company continues to grow via acquisitions (and greater market share) and achieve success raising capital in its investment management business. For these reasons, we believe the recent selloff in the stock (-31% since 6/30/11 versus -5% for the S&P 500) is overdone."

For more ratings news on Jones Lang LaSalle click here and for the rating history of Jones Lang LaSalle click here.

Shares of Jones Lang LaSalle closed at $64.88 yesterday.

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