The Globe and Mail reports in its Friday, Jan. 5, edition that National Bank Financial analyst Maxim Sytchev has lowered his recommendation for Colliers International Group to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev continues to target the shares at $125 (U.S.). Analysts on average target the shares at $122.86 (U.S.). Mr. Sytchev thinks a recent rally in shares of Colliers International reflects "excessive investor optimism," blaming "crowded trades around 'peak rates'/soft landing' dynamics." Mr. Sytchev says Collier's "risk/reward skew appears balanced, again." Mr. Sytchev says in a note: "With the Fed 'dot plot' now pricing in around 150 basis points of rate cuts by the end of this year and a still-resilient U.S. economy/labour market, indices have rallied significantly in the last three months. However, we believe the optimism may be excessive as rate cuts almost certainly occur in anticipation of a recession. ... Moreover, given depressed leasing/capital markets transaction volumes and a structural downward shift in the demand for office space, there is still little clarity on the long-term prospects of the CRE sector as a whole."