CoStar Group (CSGP) stock is soaring 5% in pre-market trading on Wednesday following a wave of positive analyst reactions to the company's strong second-quarter performance. The commercial real estate information provider's shares are seeing increased interest as multiple financial institutions have raised their price targets.
JP Morgan led the charge by increasing its target price for CoStar to $101 from $87, while Needham raised its target to $105 from $98. Other notable upgrades came from RBC Capital Markets, which increased its target to $91 from $83, and Deutsche Bank, which raised its target to $92 from $89. BMO Capital Markets also joined in, lifting its price target to $89 from $82.
The surge in analyst optimism follows CoStar's release of its Q2 earnings, which reportedly showed strong revenue growth. Goldman Sachs analyst George Tong reiterated a Buy rating on CoStar Group with a price target of $105, further bolstering investor confidence. The company's robust performance and the positive outlook from multiple analysts appear to be the primary drivers behind today's significant stock movement.
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