CoStar Likely to Post Lower-Than-Expected Q2 Bookings due to Challenging Comps, Interest Rate Headwinds, RBC Says

MT Newswires Live07-13 23:20

CoStar (CSGP) is likely to post lower-than-expected Q2 bookings due to challenging year-over-year comps and headwinds from elevated rates amid a macroeconomic slump, RBC Capital Markets said in a Friday research report.

RBC said it expects Q2 net new bookings of around $82 million, which would imply a roughly 22% sequential growth, given seasonal patterns, momentum from the expanded sales force across the company portfolio, as well as growth in commercial offerings. The company will report Q2 results on July 28.

RBC expects Q2 EPS of $0.30 on revenue of $931 million, according to the note. Analysts polled by FactSet expect $0.29 and $928.8 million, respectively.

The brokerage said it reiterated its sector perform rating on the stock and lowered its price target to $34 per share from $39.

Price: 28.63, Change: +0.24, Percent Change: +0.85

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