Zacks Investment Research downgraded shares of CBRE Group, Inc. (CBG) from OUTPERFORM to NEUTRAL on June 14, 2012, with a target price of $17.00.
We are changing our long-term recommendation for CBRE Group from Outperform to Neutral as we anticipate it to perform in line with the broader market. CBRE Group reported relatively strong first quarter 2012 results, with recurring earnings beating the Zacks Consensus Estimate by $0.01. CBRE Group is the largest commercial real estate services firm, with leading full-service operations in major metropolitan areas throughout the world. The company operates as a single-source provider of real estate solutions with a broad range of real estate product and services and an extensive knowledge of domestic and international real estate markets. However, CBRE Group faces stiff competition from regional as well as international players in the market that limits its profitability.
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