-- Stifel Canada is expecting Colliers International's (CIGI.TO, CIGI) first-quarter revenue to increase 10% to US$1.255 billion.
Analyst Daryl Young, who is maintaining a buy rating and US$175.00 price target on the shares, is expecting adjusted EBITDA of US$120.2 million (consensus: US$122.1 million) at 9.6% margins (down 60bps y/y). The lower margins reflect investment management (IM) platform integration costs, he says.
Young believes the broader fundraising market remains sluggish amid unease related to the Middle East conflict, interest rate volatility, and slower monetization activity. "To be clear, CIGI's IM platform operates in more niche segments of the private markets and has limited direct exposure to current private market challenges, but we think the broader sentiment may be an overhang to fundraising."
The company reports its quarterly earnings after market close on May 5.
Price: $143.86, Change: $-7.60, Percent Change: -5.02%