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Stifel Canada on Implications of CBRE Q1 Beat For Colliers International

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-- CBRE Groups's (CBRE) first-quarter earnings beat and higher full-year 2026 guidance bodes well for Colliers International (CIGI.TO), notes Stifel Canada.

Analyst Daryl Young, who is maintaining a US$175.00 price target and buy rating on Colliers shares, says CBRE'S results, released last week, confirm his view that the commercial real estate sector has moved passed its cyclical trough and is entering a multi-year growth phase.

"In our view, CBRE's results and outlook point to very constructive industry fundamentals that should be supportive for CIGI's upcoming results/outlook. However, the sector remains caught in AI headlines (job losses potentially reducing office demand, broker disintermediation, and new competition), plus broader recession/interest rate overhangs amid the Middle-East conflict," he writes.

While CBRE reiterated that it expects more upside than downside from AI for its business (including efficiency gains, profound data center opportunities around critical infrastructure, and M&A), investors continue to grapple with possible terminal value implications, Landry adds.

"Our sense is that CIGI and its peers will continue to report healthy fundamentals, but their shares could remain "guilty until proven innocent"."

On Stifel's 2026 estimates, CIGI is trading at 14.6x EPS, compared with CBRE at 19.5x and CRE peers at 14.9x. The engineering firms are at 17-22x.

Price: $148.42, Change: $-0.46, Percent Change: -0.31%

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