National Bank National Bank said Wednesday that Colliers International Group's (CIGI.TO) second-quarter results were "not as bad as feared."
The company's stock was up 8.4% on last look on Wednesday.
Colliers International Group reported second-quarter adjusted earnings of US$62 million ($82.7 million), or US$1.31 per share, down from US$87.8 million, or US$1.84 per share, a year earlier.
While Q2 revenue of US$1.08 billion was down from US$1.13 billion a year earlier, it was in line with the Street estimate of $1.09 billion and NBF at $1.07 billion. This was driven by double-digit growth in recurring revenue segments offset by expected softness across non-recurring revenue segments and the Americas geographically, the analysts said.
The company also maintained its outlook for 2023.
National Bank has an outperform rating on the company with a price target of US$131.