Altus Group Limited Stock Forecast:
According to 11 analysts, the average target price for Altus Group Limited stock over the next 12 months is CAD 65.95, and the average analyst rating is Buy. However, Stock Target Advisor‘s analysis suggests a slightly bearish outlook based on 6 positive signals and 9 negative signals. As of the last closing, the stock price was CAD 44.20, representing a significant decrease of -17.84% over the past week, -21.69% over the past month, and -4.23% over the past year.
Analysts Coverage Change:
Scotiabank’s analysts lowered their target price for Altus Group (AIF:TSX) from C$69 to C$59 per share, citing weaker-than-expected revenue in the Altus Analytics business.
Altus Group News:
In the first quarter of 2023, Altus Group reported a 9% increase in total revenue to C$163.7 million compared to the same period last year. However, the company’s Altus Analytics segment reported revenue of C$36.8 million, representing a decline of 1.3% from the same quarter last year.
According to the company’s earnings release, the decline in Altus Analytics revenue was due to lower bookings and a decrease in recurring revenue. Altus Group’s management team attributed the lower bookings to delays in closing contracts and noted that the company expects to see a rebound in bookings in the second quarter.
About Altus Group Ltd:
Altus Group Limited is a Canadian company that provides asset and funds intelligence solutions for commercial real estate. It has three main segments: Analytics, Property Tax, and Appraisals and Development Advisory. The Analytics segment provides software, data analytics, and advisory solutions for CRE asset valuations, while the Property Tax segment offers expert services and technology for property tax management. The Appraisals and Development Advisory segment provides services in commercial property valuation appraisals and commercial development advisory services. The company operates in various countries around the world, including Canada, the US, the UK, France, Australia, Europe, the Middle East, Africa, and Asia Pacific. Altus Group Limited was founded in 2005 and is based in Toronto, Canada.