10:55 AM EDT, 05/06/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price by $6 to $193 on a forward P/E of 16.0x our 2024 EPS estimate, a premium to JLL's 10-year average (14.4x) due to our expectations for an improvement in real estate transaction and leasing activity moving forward. We raise our 2024 EPS estimate by $0.27 to $12.08 and keep 2025's at $15.20. JLL posted Q1 2024 EPS of $1.78 vs. $0.71, a $0.92 consensus beat. Revenues rose 12% Y/Y, driven by Work Dynamics (+13% Y/Y, 72% of revenue), Capital Markets (+6% Y/Y, 7%), and Markets Advisory (+5% Y/Y, 19%), partially offset by JLL Technologies (-12% Y/Y, 1%) and LaSalle (-10% Y/Y, 2%). Total operating expenses rose 7% Y/Y, with work dynamics expenses +10% Y/Y. The CRE market remains challenged in the U.S. as high interest rates are continuing to result in delayed decision making, with buyers and sellers still struggling to come together. While large deal volume has started to improve, it remains well below longer-term averages. Leverage of 1.9x remains moderate, but up from 1.6x Q/Q.