The Globe and Mail reports in its Friday, Nov. 3, edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Colliers International Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev gave his share target an $11 trim to $120 (all figures U.S.). Analysts on average target the shares at $121. The Globe says Mr. Sytchev sees a "decent risk/reward dynamic" at Colliers. Mr. Sytchev says Colliers "continues to execute despite macro headwinds." Mr. Sytchev says in a note: "The inverse correlation between rates and Collier International's have played with a negative twist. ... Traditionally, Q4 is the period of peak revenue given timing of fund closings and easier comps on the transactional side by year-end. On the other side of the ledger, we model 8-per-cent and 6-per-cent organic growth in 2024 (from double-digit growth previously modeled) for IM and outsourcing as recurring revenue sources are expected to continue their high-single digit growth (we are not expecting any significant M&A). Our EBITDA is flat year-over-year with a slight increase in margin as variable cost savings flow through."