Needham & Company Maintains a 'Buy' on CoStar Group (CSGP); Raising Estimates; Potential Loop Revenues

Needham & Company maintains a 'Buy' on CoStar Group (NASDAQ: CSGP) price target of $85.00 (from $79.00).

Analyst, Michael Huang, said, "Q2 performance was impressive, in our view, highlighted by solid net new bookings, improved retention rates, and raised guidance,
reflecting mildly improving commercial real estate trends and ramping CoStarGo contribution. We’re encouraged by the results and feedback from some early survey work and cross-selling efforts in Chicago and believe that accelerated sales/marketing spend to more aggressively go after some low-hanging fruit makes sense and could boost recurring revenue growth rates through 2013."

FY12 EPS estimate raised from $1.42 to $1.50 and FY13 from $1.93 to $2.19.

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 $82.24 yesterday.

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