Real Estate Company Newmark Upgraded: Analyst Highlights Strong Leasing And Capital Markets Growth In 2024
Portfolio Pulse from Lekha Gupta
Piper Sandler analyst Alexander Goldfarb upgraded Newmark Group Inc (NMRK) to Overweight from Neutral with a new price target of $13, up from $7. The upgrade is based on expectations of strong leasing and capital markets growth in 2024, optimism due to an easing rate environment, and tenants competing for top-tier space. NMRK is also expected to benefit from loan portfolio sales as lenders reposition capital. The Fed's recent rate cuts are anticipated to positively impact real estate, with lower rates potentially healing the transaction market and encouraging the housing market. NMRK's shares rose 4.62% to $10.53.
December 20, 2023 | 7:08 pm
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POSITIVE IMPACT
Newmark Group Inc was upgraded by Piper Sandler to Overweight from Neutral with a price target of $13, indicating a positive outlook for 2024 based on strong leasing and capital markets growth, and benefits from loan portfolio sales.
The upgrade by Piper Sandler to an Overweight rating and the increase in price target to $13 reflect a strong analyst conviction in NMRK's growth prospects for 2024. The positive sentiment is likely to influence investor perception and could lead to a short-term increase in stock price, as evidenced by the 4.62% rise in shares. The anticipation of an easing rate environment and the potential benefits from loan portfolio sales further support the positive outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100