CBRE Group Inc Class A

CBRE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$81.00	Qqccc	Tfrckpq

CBRE Earnings: Management Upbeat on Prospects for Second Half

Suryansh Sharma

May 3, 2024

Narrow-moat-rated CBRE’s first-quarter results were largely in line with our expectations. The advisory services segment remained stable while the outsourcing segment continued its growth trajectory. We believe that the brokerage business should perform relatively well in the second half of 2024, but it is not out of the woods yet, given our macroeconomic and rates outlook. A soft landing is now a widespread market consensus, but we think investors in commercial real estate service firms shouldn’t rule out the possibility of a relatively harder landing.

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