J.P. Morgan is out with its report today on CB Richard Ellis Group
CBG, lowering its PT to $26 from $31.
In its report, J.P. Morgan writes, "We are lowering our December 2011 target price from $31 to $26 based on a
discounted cash flow (DCF) model that assumes 5.5% long-term earnings growth (6% previously) beyond 2015 and assumes a 12.5% discount rate. The discount rate
is above the high end of the range for our REIT discount rates (7.75-10%) given CBG's more transaction-oriented income stream and higher beta."
J.P. Morgan maintains Overweight on CBG.
Shares of CBG closed Tuesday at $14.65.
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