The Globe and Mail reports in its Thursday, Nov. 3, edition that National Bank Financial analyst Maxim Sytchev is keeping his "outperform" recommendation for Colliers International Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev axed his share target down by $44 to $122 (all figures U.S.). Analysts on average target the shares at $135.43. Mr. Sytchev, believing long-term interest rates are "close to peaking," now sees value in shares of Colliers at current levels. Mr. Sytchev says in a note: "CIGI is a compounder, and we are in the early innings of estimates/target price cuts. We cannot be certain when capital markets malaise will subside, but we doubt that medium-term interest rates can stay at current levels. We would venture to say that nine to 12 months would be sufficient for capital markets business to realign itself. With that, we are in a reset mode as investors will be prodding for the bottom in expectations for CIGI. In 2015, we had 37 per cent of business as recurring; now that percentage is close to 55 per cent. We have an opportunity then to pick up an excellent business at a reasonable price over the short-term forecast horizon."