UPDATE: Morgan Stanley Downgrades CoStar Group to Underweight; Valuation Full
Morgan Stanley reduced its rating on CoStar Group (NASDAQ: CSGP) from Equal-weight to Underweight and established a new price target of $73.
Morgan Stanley commented, "With the catalyst of the LoopNet merger behind, uncertainty about integration and rev synergies ahead, and the stock pricing in a very bullish scenario, we move to UW. We believe the stock price currently reflects the company's long-term goals of $500M run-rate revenue by the end of 2014 and adjusted EBITDA margins in the low- to mid-thirties, leaving little room for upside from these levels, and is not discounting the risk that the company may not achieve them."
CoStar Group closed at $83.24 on Wednesday.
Latest Ratings for CSGP
|Aug 2014||Goldman Sachs||Initiates Coverage on||Buy|
|Jun 2014||JMP Securities||Upgrades||Market Perform||Market Outperform|
|Jun 2014||Bank of America||Initiates Coverage on||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.