CoStar Group (CSGP) PT Raised to $775 at Needham & Company

Needham & Company analyst Mayank Tandon raised the price target on CoStar Group (NASDAQ: CSGP) to $775.00 (from $700.00) while maintaining a Buy rating.

The analyst commented, "We are revisiting our thoughts on CSGP, one of our favorite names for investors looking for a core holding with a dominant market position, large TAM, and potential for margin leverage as the model continues to scale. In our view, CSGP's dominant market position as a provider for CRE and multifamily information services continues to strengthen, and we believe the pending acquisitions of RentPath and Ten-X, as well as the recent $1.7 billion equity raise put the company in an increasingly favorable competitive position to continue to grow and gain share. We also believe CSGP's continued efforts to diversify revenue will make the business model resilient throughout the business cycle, easing concerns about exposure to the CRE market. We are reiterating our BUY rating and raising our target to $775."

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