Strength Seen in CoStar (CSGP): Can Its 5.3% Jump Turn into More Strength?
Zacks Investment Research | Mar 08, 2021 05:20AM ET
CoStar Group (NASDAQ:CSGP) CLGX . The company noted that rising interest rates have resulted in a significant decline in residential property technology companies’ valuations. Therefore, CoStar believes this is not the right time to make aggressive acquisitions in the residential mortgage market.
Price and Consensus
This commercial real estate information and marketing provider is expected to post quarterly earnings of $2.40 per share in its upcoming report, which represents a year-over-year change of -1.6%. Revenues are expected to be $453.75 million, up 15.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For CoStar, the consensus EPS estimate for the quarter has been revised 11.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CSGP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see Zacks Investment Research
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