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On Wednesday, BMO Capital Markets adjusted its outlook on Altus Group (AIF:CN) (OTC:ASGTF), increasing the firm’s price target from Cdn$60.00 to Cdn$62.00, while reaffirming a Market Perform rating on the shares. The revision followed a fireside chat with Altus Group’s top executives, which left analysts with a favorable impression of the company’s growth potential.
The discussion with CEO Jim Hannon, CFO Pawan Chhabra, and Chief Product Officer Jorge Blanco highlighted Altus Group’s strategic position at the crossroads of technology and Valuation and Cost Management Services (VMS). The conversation centered on the company’s growth prospects, particularly in areas that advance toward predictive analytics, such as their Benchmark Manager tool.
BMO Capital’s Stephen MacLeod noted the slower-than-anticipated recovery of commercial real estate (CRE) transactions but emphasized that real estate continues to be a desirable asset class. This demand underlines the necessity for robust valuation, asset management, and analytics services, which are core to Altus Group’s offerings.
MacLeod believes that the thematic backdrop of a strong real estate market presents a long-term tailwind for Altus Group’s growth. The analyst’s comments reflect a belief in the company’s potential to capitalize on the ongoing need for its specialized services within the real estate sector.
Altus Group’s stock price target adjustment by BMO Capital Markets is based on these optimistic takeaways from the fireside chat, suggesting confidence in the company’s ability to navigate and grow in the intersection of technology and real estate services.
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