Goldman Sachs Downgrades Jones Lang LaSalle and CB Richard Ellis to Neutral (JLL, CBG)

Goldman Sachs is out with its report today on Jones Lang LaSalle CBG, downgrading both companies from Buy to Neutral. In a note to clients, Goldman Sachs writes, "We downgrade leading commercial real estate brokers Jones Lang LaSalle and CB Richard Ellis to Neutral from Buy following impressive 4Q2010 earnings and recent outperformance in the shares. At 18X our respective 2012E EPS we believe both stocks capture the strong growth in earnings we continue to expect over the next two years. For JLL, we now see 5% upside to a new $100 target and raise our 2011/12E EPS to $5.25 / $6.75 from $5.05 / $6.60. We also introduce a 2013 EPS estimate of $7.15. For CBG, our new $25 target implies 10% upside and we similarly raise our 2011/12E EPS to $1.35 / $1.65. We also introduce a 2013 EPS estimate of $1.85." At the time of posting, shares of CBG were trading at $23.76, down 0.79% from Friday's close. At the time of posting, shares of JLL were trading at $97.25, up 0.05% from Friday's close.