Colliers International Group (CIGI) kept its 2026 guidance that relies on a strong H2 after the company delivered a strong top-line but "wobbly" bottom-line in Q1, RBC said in a note Tuesday.

The report pointed to sector leading growth in capital markets and leasing revenue in the quarter on market share gains in the US and also on strength in industrial leasing.

However, this did not flow through entirely to adjusted EBITDA and adjusted EPS due partly to recruiting and IT investments, and slower outsourcing growth, the note said.

"That said, we continue to believe that for patient investors, CIGI offers good value even under our more conservative 2026 estimates," the report said.

RBC kept its outperform rating while lowering its price target to $155 from $160.

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