The Globe and Mail reports in its Tuesday, Jan. 17, edition that Scotia Capital analyst Michael Doumet has boosted Colliers International Group to "sector outperform" from "sector perform." The Globe's David Leeder writes that Mr. Doumet boosted his share target by $8 to $123 (all figures U.S.). Analysts on average target the shares at $134.86. Mr. Doumet says in a note: "We do not have a near-term catalyst to point to. But, as is the calculus for upgrading a cyclical name -- one with a proven track record for compounding earnings -- we believe sufficient pessimism has been priced-in. ... We made further cuts to our estimates, particularly in capital markets (CM), where we assume a reset to below prepandemic levels -- cutting our segment EBITDA by roughly half from its peak. Together with negative revisions in leasing/IM, our 2023E EBITDA reflects an 10-per-cent year-over-year organic decline, on a consolidated basis. Having factored in such cuts, our conclusion is that CIGI appears attractively valued on (our view of) trough earnings; in the meantime, stabilizing rate expectations, an enhanced business mix, and a high-single-digit FCF yield should provide better footing for an earnings re-acceleration."