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Fly News Breaks for February 14, 2020
NMRK
Feb 14, 2020 | 06:45 EDT
Piper Sandler analyst Alexander Goldfarb downgraded Newmark Group to Neutral from Overweight with a price target of $12.50, down from $15. The analyst says the accelerating growth he anticipated this year is pushed out as expenses from recent producer hiring offset revenue growth. While he like management's efforts to grow Newmark and move it up the rankings, he notes the fruit of the recent 100 producer hires won't be felt until late this year into next.
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