Colliers International (CIGI) PT Raised to $185 at Scotiabank

Scotiabank analyst Himanshu Gupta raised the price target on Colliers International (NASDAQ: CIGI) to $185.00 (from $170.00) while maintaining a Sector Outperform rating.

The analyst commented: "Our target is increased to $185.00 (+$15.00, which is based on 14.5x (+1.0x) 2026E EV/EBITDA, and we maintain our SO rating. CIGI’s EV/EBITDA multiple has expanded by ~2 turns YTD (similar to CBRE), and we expect another 1 turn multiple expansion ahead. As per Scotia Portfolio Strategy, we are in “synchronized easing” phase, which should support valuation multiple expansion. On relative basis, CIGI is trading at 1.7x turns discount to CBRE (closest competitor), which is the worst spread in the last ten years (historically, CIGI has traded at a small premium to CBRE). Relative to our Shadow CIGI, it is trading at 2.5x turns, in line with historical discount in the last few years."

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