Colliers International (CIGI) is on track for mid-teen earnings growth, with possible upside from stronger leasing and capital markets activity, better investment management margins, cross-selling, and potential share buybacks as debt falls, RBC Capital Markets said in a note emailed Friday.

All three business segments showed solid momentum in Q2, supporting the company's growth outlook for commercial real estate, investment management and engineering, RBC said, adding that it sees room for stronger results in leasing and capital markets, while investment management performance will depend on fundraising timing and new investment strategies.

The firm expects investment management margins to improve more meaningfully in 2027 as integration work and fundraising efforts begin to have a larger impact, and also sees long-term upside from selling more services across Colliers' three business areas, though it said clearer financial results will be needed to ease investor concerns about the strategy.

Colliers could begin buying back shares as leverage falls in H2, while acquisitions are also expected to remain a priority, according to the note.

RBC maintained the company's outperform rating and $155 price target.

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