BUZZ-CoStar Group slips after dour Q2 revenue forecast
CoStar Group, Inc. CSGP | 0.00 |
** Shares of real estate information provider CoStar Group CSGP.O slip 5.5% to $34 - their lowest since January 2019
** Co forecast Q2 revenue between $922 mln-$932 mln, the midpoint of which is below analysts' estimate of $931 mln, per LSEG-compiled data
** Expects Q2 adj. EPS between 20 cents to 27 cents vs expectations of 27 cents
** Weak outlook driven by continued uncertainty in the commercial property market, pressured by high interest rates and post-pandemic hybrid work trends
** J.P.Morgan trimmed PT on stock to $70 from $82 post results
** Fifteen analysts rate stock "buy" or higher, five "hold" and one "sell", median PT at $50 - LSEG data
** CSGP shares have dropped 49.4% YTD, already more than it has lost in any year
