Dallas, Texas-based CBRE Group, Inc. (CBRE) operates as a commercial real estate services and investment company. Valued at $37.4 billion by market cap, the company offers property management, valuation, real estate investment, and advisory services. CBRE operates offices, data centers, multi-family, hotels, gaming, and retail sectors. The world’s largest commercial real estate services and investment firm is expected to announce its fiscal third-quarter earnings for 2024 before the market opens on Thursday, Oct. 24.
Ahead of the event, analysts expect CBRE to report a profit of $1.06 per share on a diluted basis, up 47.2% from $0.72 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect CBRE to report EPS of $4.81, up 25.3% from $3.84 in fiscal 2023. Its EPS is expected to rise 21.4% year over year to $5.84 in fiscal 2025.
CBRE stock has outperformed the S&P 500’s ($SPX) 32.9% gains over the past 52 weeks, with shares up 65.1% during this period. Similarly, it outperformed the Real Estate Select Sector SPDR Fund’s (XLRE) 24.8% gains over the same time frame.
CBRE's performance was driven by strong growth in key business lines, including Global Workplace Solutions (GWS) and the leasing business. Notably, GWS experienced significant new client wins and expansions, while U.S. office leasing revenue benefited from high demand in New York.
On Jul. 25, CBRE shares closed up more than 9% after reporting its Q2 results. Its adjusted EPS of $0.81 exceeded Wall Street expectations of $0.69. The company’s revenue was $8.4 billion, falling short of Wall Street forecasts of $8.5 billion. CBRE expects full-year adjusted EPS to be between $4.70 and $4.90.
Analysts’ consensus opinion on CBRE stock is reasonably bullish, with a “Moderate Buy” rating overall. Out of 10 analysts covering the stock, five advise a “Strong Buy” rating, and five give a “Hold.” While CBRE currently trades above its mean price target of $118.67, the Street-high price target of $132 suggests an upside potential of 8.3%.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
