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CoStar Group’s Upcoming Q3 Earnings Preview

RBC Capital analysts provided their outlook on CoStar Group, Inc. (NASDAQ:CSGP) ahead of upcoming Q3 results, and raised their price target to $85 from $80, while maintaining their outperform rating.
The analysts expect a modest Q3/22 beat and guidance raise by the magnitude of the beat and look for any incremental color around 2023 investments. In addition, recent vacancy and rent data imply a continued recovery in Multifamily, and the analysts see the potential for a return to over 20% growth in the mid-term given the large penetration opportunity.
The analysts believe the defensive business model, strong pricing power, and counter-cyclical multifamily business should provide support to the stock in a volatile tape.

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