02:24 PM EDT, 07/10/2024 (MT Newswires) -- Altus Group ( ASGTF ) announced the sale of its property tax business to Ryan, LLC for $700 million, notes BMO. While unexpected, the divestiture should allow Altus to refocus efforts on its higher-growth, higher-margin Analytics business and provide flexibility to pay down debt and return cash to shareholders, analyst Stephen MacLeod writes.

Altus also reiterated 2024E guidance.

BMO is lowering its 2025E estimates to reflect the sale of the property tax business in H1/25E.

Target increased to $59. Maintain Market Perform.

Price: 55.44, Change: -0.02, Percent Change: -0.04