The Globe and Mail reports in its Friday edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Colliers International Group. The Globe's David Leeder writes that Mr. Sytchev cut his share target back by $13 to $169 (all figures U.S.). Analysts on average target the shares at $169.29. After a fourth quarter earnings miss and "subpar" outlook, Mr. Sytchev warns investors 2025 will be a year of building for Colliers International, and while "not great" in the short term, it will "make it for a stronger entity down the line." Mr. Sytchev says in a note: "Everyone is a long-term investor (not) until a negative earnings revision dynamic sets in. The CEO on the call qualified 2025 as a year of building/integrating; we are OK with that even though our post Q3/24 disappointed print upgrade looks premature in hindsight. Stepping back for a second though, we have alternative asset managers all being up on a stick (positive read through for Colliers's IM business) and the engineering industry has a very strong tailwind while CRE issues afflicting capital market and leasing are behind us. ... We are still modeling 13-per-cent and 14-per-cent EPS growth in 2025E and 2026E."