The Globe and Mail reports in its Friday, Nov. 1, edition that Stifel analyst Daryl Young has reaffirmed his "buy" recommendation for Colliers International Group. The Globe's David Leeder writes that Mr. Young hiked his share target to $180 from $160 (all figures U.S.). Analysts on average target the shares at $155.83.
Mr. Young says in a note: "We expect a solid quarter, led by leasing and O&A services but have somewhat more tempered expectations for capital markets and IM fund raising. We are still in the early stages of the broader [Canadian real estate] recovery and U.S. transaction volumes were effectively flat y/y (with potential for the election to stall activity in Q4/24), while the IM fund raising flywheel is just getting started industry-wide, with a resurgence in asset monetizations. However, broadly speaking we think markets have inflected and results should keep progressively improving. The outlook for engineering services continues to be simply awesome, underpinned by robust government spending in Canada and the U.S." The Globe reported on May 3 and Oct. 22 that RBC analyst Jimmy Shan had reaffirmed his "outperform" recommendation for Colliers. It was then worth $107.98 and $147.80.
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