Keefe, Bruyette Woods Comments On CB Richard Ellis 1Q11

According to Keefe, Bruyette Woods, CB Richard Ellis Group CBG reported 1Q operating EPS of $0.13. Keefe, Bruyette Woods said that while revenues missed consensus, we view the growth story as on track as revenues increased 15.5% to $1.2 billion in the seasonally slow 1Q, closely matching our forecast. “Management was optimistic regarding 2011 and reiterated guidance of $0.95-$1.05. We raise our 2011 EPS estimate to $1.06 and 2012E to $1.42. Maintain MP.” CB Richard Ellis Group closed yesterday at $26.71.