07:55 AM EDT, 04/24/2024 (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 trim our target by $9 to $103 on a forward P/E of 68.0x our 2025 EPS estimate, in line with CSGP's 10-year average multiple. We lift our 2024 EPS estimate by $0.01 to $0.62 and trim 2025 by $0.09 to $1.51, given a slightly slower transaction recovery within commercial real estate. CSGP posted Q1 2024 adj. EPS of $0.10 vs. $0.29, a $0.03 consensus beat on revenues that rose 12% Y/Y. Results were driven by Multifamily (+21% Y/Y, 39% of rev.), CoStar ( CSGP ) (+11% Y/Y, 38%), LoopNet (+9% Y/Y, 10%), and Residential (+41%, 3%), partially offset by Information Services (-21% Y/Y, 5%) while Other Marketplaces was flat (5%). Net new bookings were robust at $86M while Homes.com monetization started strong and accelerated through Q1. CSGP recently announced the acquisition of Matterport, a firm specializing in 3D real estate digital twins, for $1.6B in cash and stock. We view this positively and believe it will enhance current product offerings and drive higher customer traffic for Homes.com, Apartment.com, and LoopNet.