Goldman Sachs Sticks to Buy Rating on CBRE Group Amid Strong Earnings
Goldman Sachs has reaffirmed its Buy rating on CBRE Group (CBRE), citing the company's strong performance in the real estate sector. Analyst Julien Blouin, who covers the Real Estate sector for Goldman Sachs, maintained a price target of $190.00 for CBRE shares, which closed at $147.30 yesterday.
Blouin has an impressive track record, with an average return of 5.8% and a 71.43% success rate on recommended stocks, according to TipRanks. The analyst's Buy rating is in line with the overall consensus for CBRE Group, which is Strong Buy with a price target consensus of $183.38, representing a 24.49% upside.
CBRE Group reported strong quarterly earnings for the period ending June 30, with revenue reaching $11.23 billion and net profit at $204 million. This marks an increase from last year's revenue of $9.75 billion and net profit of $215 million.
However, it's worth noting that corporate insider sentiment is currently negative on the stock, with 57 insiders selling shares over the past quarter, compared to earlier this year. This could be a potential warning sign for investors.