CoStar Group's (CSGP) core bookings should improve sequentially in Q2, mainly driven by increased bookings in its multifamily division, RBC Capital Markets said in a Wednesday note.

RBC estimates the company's multifamily bookings to reach $40 million to $50 million in Q2, from mid-$20 million in Q1, pushing Q2 core bookings to between $80 million and $90 million from $60 million in Q1.

According to RBC, CoStar Group has expressed confidence in improving Q2 bookings as previous distractions and cancellation headwinds ease up. The company also anticipates continued upward bookings trajectory through H2 and is optimistic over a potential revenue inflection in the back half, the investment firm said.

CoStar Group is set to release its Q2 results on July 22.

RBC Capital Markets has a sector perform rating and $83 price target on CoStar Group.

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