The Globe and Mail reports in its Thursday edition that National Bank Financial analyst Maxim Sytchev boosted his share target to "outperform" from "sector perform" for Colliers International Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev's share target soared $31 to $168 (all figures U.S.). Analysts on average target the shares at $162. Mr. Sytchev's rating upgrade came in response to a "temporary operational lull" and a share price decline on Tuesday following "soft, but explainable" third quarter results. Mr. Sytchev says in a note: "We were overly tactical with the name, having wrongly downgraded the shares in Jan, 2024, after the initial run-up in 2023 and expectations of less rate cuts; big surprise? Economy/transactional business having recovered faster than expected. Colliers is a long-term compounder and rates in general are likely to moderate, supporting the funding, building and financing of real estate assets; Colliers should benefit from that, similarly to what we heard from CBRE last week. Less cyclical parts of the business represent 70 per cent of EBITDA (last 12 months) and these verticals command higher multiples. We see capital raising getting better in 2025."