CBRE Group Inc's stock plummeted 5.23% during intraday trading on Thursday, marking a sharp reversal from its earlier gains following the release of its first-quarter financial results.

The real estate services firm reported quarterly adjusted earnings of $1.61 per share, significantly beating the average analyst estimate of $1.13 per share. Revenue climbed 18.6% to $10.5 billion, also exceeding expectations, driven by strong demand for leasing and facilities management services amid rapid expansion of data centers. The company raised its 2026 core EPS outlook to a range of $7.60 to $7.80, compared to the FactSet consensus estimate of $7.51.

Despite these positive results, Raymond James cut its price target on CBRE to $174 from $180, though maintaining an Outperform rating. This adjustment, coupled with the earnings summary noting that five analysts had negatively revised earnings estimates in the last 30 days, appears to have prompted profit-taking and contributed to the stock's intraday decline, reversing its pre-market advance.