The Globe and Mail reports in its Wednesday edition that Scotia Capital analyst Michael Doumet has downgraded Colliers International Group to "sector perform" from "sector outperform" after assuming coverage. The Globe's David Leeder writes that Mr. Doumet also cut his share target to a Street-low of $120, from a lofty $165 (all figures U.S.). He cites the impact of higher interest rates for the rating change and target price cut. Mr. Doumet says in a note: "We believe CIGI recently achieved above-normal organic growth rates in leasing and capital markets. ... CIGI has also been very active on M&A (2022 should be a record year). Recent acquisitions have come at higher multiples, with CIGI acquiring investment management (IM) firms at 10 times to 12 times EV/EBITDA versus acquisition multiples of five times to eight times for brokerage/professional services businesses. ... Given the higher interest rates and rising recession risks, we believe CIGI's leasing and capital markets business (45 per cent of consolidated EBITDA, on a pro forma basis) are likely to experience revenue/margin softness starting 4Q22. We also expect M&A to slow from its record pace as the company focuses on integration/deleveraging."