Goldman Sachs Says To Aggressively Buy CB Richard Ellis Group (CBG)

Goldman Sachs Group analysts Richard Ramsden, Brian Foran, Daniel Harris and Jessica Binder Graham reiterated their Conviction List Buy rating for shares of CB Richard Ellis Group Inc CBG, with a price target of of $21 per share. The analysts said they would be aggressive buyers of CB Richard Ellis Group Inc following its recent 12% sell off and that they see 40% upside to the company's stock price. The Goldman Sachs Group analysts wrote, "the potential for rising rates may spur activity — Lower interest rates allowed for debt service coverage to be maintained despite weaker fundamentals and property cash flow. If Libor rates were to back up from global credit distress, we believe the positive effect of higher 'distressed' asset sales would outweigh the notion that financing for new buyers would dry up."