Multiple Upgrades CIBC’s Scott Fromson raised his Colliers International Group Inc. (CIGI-Q, CIGI-T) target to US$190 from USS$185 with an “outperformer” rating, while Scotia Capital’s George Doumet increased his target to US$179.50 from US$173 with a “sector outperform” rating and Raymond James’ Frederic Bastien bumped up his target to US$195 from US$185 with a “strong buy” rating. The average is US$181.58.
“We have every reason to be bullish on Colliers International following the release of strong 4Q21 results [Thursday],” said Mr. Bastien. “The firm is riding favourable industry trends and harnessing the power of its unique partnership model to further expand its recurring activities—per its Enterprise ‘25 Global Growth Strategy. Record capital raises for 2021 set up the high-margin Investment Management (IM) platform for a particularly active next few months of deployment, while the pending acquisitions Antirion and Basalt Infrastructure should add incremental growth throughout the year. Importantly, these investments still leave management with plenty of dry powder to consolidate US engineering and design practices, just as the long awaited push to reimagine, rebuild and upgrade the country’s aging infrastructure is taking shape. As this transpires, we expect CIGI’s valuation to keep moving higher.”