BofA’s Hartnett says concentrated U.S. stock returns are likely to persist
CoStar Group (NASDAQ:CSGP) Inc’s stock reached a 52-week high of 95.73 USD, marking a significant milestone for the company. According to InvestingPro data, the company’s market capitalization now stands at $40.5 billion, with the stock showing impressive momentum, gaining nearly 25% over the past six months. Over the past year, the stock has experienced a notable increase, with a 1-year change of 22.4%. This upward trajectory reflects positive investor sentiment and confidence in CoStar Group’s market performance. The company maintains strong fundamentals with a healthy current ratio of 5.83 and holds more cash than debt on its balance sheet. InvestingPro analysis indicates the stock is trading at premium valuations, with 14 additional ProTips available for subscribers. The recent peak underscores the company’s resilience and growth potential in a competitive landscape, with revenue growing at 12.2% and analysts expecting continued profitability this year. As the company continues to build on its achievements and expand its influence in the industry, investors can access comprehensive analysis through the detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, CoStar Group has reported impressive second-quarter results, surpassing expectations for both revenue and earnings. The company achieved record net new bookings, with a 65% increase quarter-over-quarter, and core EBITDA margins reaching 43%. Citi has responded to these strong commercial real estate bookings by raising its price target for CoStar Group to $100, citing a 55% year-over-year increase in bookings as a positive factor. Similarly, Needham has increased its price target to $105, maintaining a Buy rating due to the robust Q2 performance. Additionally, BMO Capital has adjusted its price target to $89, acknowledging the solid revenue growth, though noting some influence from expense timing.
In other developments, CoStar Group has initiated a lawsuit against Zillow (NASDAQ:ZG), alleging copyright infringement of over 46,000 photographs. The lawsuit claims that Zillow has published CoStar’s watermarked images extensively on its website and partner sites. Meanwhile, CoStar has appointed Grant Montgomery as the National Director of Multifamily Analytics, bringing over 25 years of experience to the role. Montgomery will focus on delivering data-driven market insights for the multifamily sector.
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