We have changed our long-term recommendation for CBRE Group, Inc. (CBG) from Neutral to Outperform as we anticipate the stock to perform well above the broader market. CBRE Group reported relatively strong first quarter 2012 results, with recurring earnings beating the Zacks Consensus Estimate by $0.01.
CBRE Group is the largest commercial real estate services firm, with leading full-service operations in major metropolitan areas throughout the world. The company operates as a single-source provider of real estate solutions with a broad range of real estate product and services and an extensive knowledge of domestic and international real estate markets.
Our long-term Outperform recommendation on the stock indicates that it would perform well above the broader market. Our target price of $22.00, 17.5X 2012 EPS, reflects this view.
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