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Fly News Breaks for October 24, 2018
CSGP
Oct 24, 2018 | 05:17 EDT
CoStar Group's bookings growth in Q3 slowed as the company integrated the ForRent acquisition, utilizing extra sales resources to convert customers onto the Apartments.com platform, JPMorgan analyst Sterling Auty tells investors in a research note. He believes this also had a detrimental impact on multifamily revenue as CoStar eliminated certain ForRent products. However, the analyst points out that CoStar is on track to deliver its 40% adjusted EBITDA margin goal in Q4. Auty thinks the company's growth is already reflected in the current valuation and keeps an Underweight rating on CoStar Group with a $412 price target.
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