Bank of America Sees Good Things from CoStar Group Investor Meetings

In a report published Tuesday, Bank of America analyst Sara Gubins reiterated a Buy rating and $195.00 price target on

. In the report, Bank of America noted, “We hosted investor meetings with CoStar's CFO Brian Radecki and IR Rich Simonelli. We remain comfortable with our forecast for 13% organic revenue growth in both 2014 and 2015. CoStar has a host of new initiatives that could drive upside over time in its core CoStar Suite, LoopNet, and Apartments.com. Annualized net new sales were essentially flat YoY in 2Q. We see flat to up slightly YoY as likely in 3Q, with potentially larger 4Q increases. 2015 should bring a faster ramp as 4Q13 salesforce hires continue to ramp and become more productive.” CoStar Group closed on Monday at $155.57.