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Fly News Breaks for October 23, 2019
CSGP
Oct 23, 2019 | 09:45 EDT
Needham analyst Mayank Tandon lowered his price target on CoStar Group to $600, saying that while its Q3 earnings topped consensus, the company cut its FY19 outlook as its multifamily investments are expected to weigh on its margins over the near term. The analyst adds that CoStar's acquisition integration costs and the $100M marketing investment spend to boost its market share are expected to pressure its EBITDA margins by about 400bps in FY20. Tandon is keeping his Buy rating but lowering his FY19 and FY20 EPS view by 12c and $1.65 to $10.00 and $10.20 to reflect the reduced EBITDA margins.
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