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Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
The Zacks Premium service, which provides daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter, makes these more manageable goals. All of the features can help you identify what stocks to buy, what to sell, and what are today's hottest industries.
The service also includes the Focus List, which is a long-term portfolio of top stocks that boast a winning, market-beating combination of growth and momentum qualities.
Breaking Down the Zacks Focus List
If you could get access to a curated list of stocks to kickstart your investment portfolio, wouldn't you jump at the chance to take a peek?
That's what the Zacks Focus List offers. It's a portfolio of 50 stocks that serve as a starting point for long-term investors to build their individual portfolios. The stocks included in the list are set to outperform the market over the next 12 months.
What makes the Focus List even more helpful is that each selection is accompanied by a full Zacks Analyst Report, which explains the reasoning behind every stock's selection and why we believe it's a good pick for the long-term.
The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.
Focus List Methodology
When stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Brokerage analysts are in charge of determining a company's growth and profitability expectations, or earnings estimates. These analysts work together with company management to evaluate all factors that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
What a company will earn down the road also needs to be taken into consideration, and this is why earnings estimate revisions are so important.
The stocks that receive positive changes to earnings estimates are more likely to receive even more upward changes in the future. Take this example: if an analyst raised their estimates last month, they'll probably do so again this month, and other analysts will follow.
Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.
The Zacks Rank consists of four main pillars: Agreement, Magnitude, Upside, and Surprise. Each one is given a raw score, which is recalculated every night and compiled into the Rank. Then, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell," using this data.
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.
Focus List Spotlight: CBRE Group (CBRE)
Headquartered in Dallas, TX, CBRE Group, Inc. is a commercial real estate services and investment firm, offering a wide range of services to tenants, owners, lenders and investors in office, retail, industrial, multi-family and other types of commercial real estates in all major metropolitan areas across the globe. The services include facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. With more than 130,000 employees (including Turner & Townsend employees), the company served clients in more than 100 countries as of June 30, 2024.
CBRE, a #2 (Buy) stock, was added to the Focus List on March 13, 2017 at $36.40 per share. Since then, shares have increased 230.63% to $120.35.
For fiscal 2024, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.27 to $4.75. CBRE boasts an average earnings surprise of 13.8%.
Additionally, CBRE's earnings are expected to grow 23.7% for the current fiscal year.
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Zacks Investment Research
CBRE Group’s CBRE wide array of real estate products and services offerings, healthy outsourcing business, strategic buyouts, technology investments and solid balance sheet are expected to drive its performance.
Analysts also seem bullish on this stock, with the Zacks Consensus Estimate for CBRE Group’s current-year earnings per share (EPS) being revised 6% upward over the past three months to $4.75.
Shares of this Zacks Rank #2 (Buy) company have rallied 33.3% over the past three months, outperforming its industry’s growth of 15.4%. Given the strength of its fundamentals, there seems to be additional room for growth of this stock.
Factors That Make CBRE Group a Solid Pick
Market-Leading Position & Resilient Business Model: CBRE, the largest commercial real estate services and investment firm (based on 2023 revenues), holds extensive knowledge of domestic and international real estate markets. This helps it enjoy a robust scale. A market-leading position gives it a competitive edge in navigating through any challenging situations and capitalizing on compelling opportunities.
Over the past few years, CBRE has opted for a better-balanced and more resilient business model. In pursuit of this, the company has shifted toward a more diversified and contractual revenue base, which enables it to tide over market disruptions and other economic uncertainties. Our estimate indicates CBRE’s total revenues to increase 10.9% and 12.2% year over year in 2024 and 2025, respectively.
GWS Segment Growth: With occupiers of real estate increasingly opting for outsourcing and relying on the expertise of third-party real estate specialists to optimize their operations, CBRE Group’s Global Workplace Solutions (“GWS”) segment is well-placed to benefit. With significant growth from large first-generation outsourcers, the GWS business pipeline remains elevated, offering CBRE Group scope for growth. For the second quarter of 2024, the GWS segment delivered double-digit net revenue growth. Our estimate indicates a year-over-year rise of 15.3% for the segment’s net revenues in 2024.
Strategic Acquisitions: To widen its global reach and expand and reinforce its service offerings, CBRE Group has been focusing on strategic in-fill acquisitions by acquiring regional or specialty firms as well as independent affiliates. The company opts for larger, transformational deals driven by macro policies. In the second quarter of 2024, CBRE completed five in-fill business acquisitions, including one in the Advisory Services segment and four in the GWS segment, for approximately $290.9 million in cash and non-cash consideration. These opportunistic acquisitions and strategic investments will likely serve as growth drivers, supplementing its organic growth.
Solid Technology Platform: The company’s technology platform helps it develop and deliver superior analytical, research and client service tools to meet diverse client needs. Strategic reinvestment in its business, specifically on the technology front, is expected to differentiate CBRE Group from its peers. CBRE has also gained from its cost-cutting efforts and benefited from operational efficiencies, and this trend is expected to continue in the near term. We estimate the company’s core EBITDA to rise 10.5% and 19.6% in 2024 and 2025, respectively, on a year-over-year basis.
Balance Sheet Strength: CBRE had $3.7 billion in total liquidity as of June 30, 2024. The company’s net leverage ratio was 1.58 as of the same date. This is significantly less than CBRE’s primary debt covenant of 4.25X. With ample financial flexibility, CBRE is well-positioned to capitalize on growth opportunities. Its trailing 12-month return on equity is 12.74% compared with the industry’s average of 0.00%. This indicates that the company is more efficient in using shareholders’ funds than its peers.
Other Stocks to Consider
Some other top-ranked stocks from the real estate operations sector are Colliers International Group Inc. CIGI and Newmark Group, Inc. NMRK. Colliers International and Newmark Group each carry a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus estimate for Colliers International’s 2024 earnings per share (EPS) has increased 1.8% over the past two months to $6.12.
The Zacks Consensus Estimate for Newmark Group’s current-year EPS of $1.15 indicates a 9.52% rise year over year.
Zacks Investment Research
Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at CBRE Group (CBRE), a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. CBRE Group currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here
Set to Beat the Market?
In order to see if CBRE is a promising momentum pick, let's examine some Momentum Style elements to see if this provider of real estate investment management services holds up.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For CBRE, shares are up 4.5% over the past week while the Zacks Real Estate - Operations industry is up 3.42% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 5.98% compares favorably with the industry's 4.02% performance as well.
While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Shares of CBRE Group have increased 33.83% over the past quarter, and have gained 50.77% in the last year. On the other hand, the S&P 500 has only moved 3.26% and 28.26%, respectively.
Investors should also take note of CBRE's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now, CBRE is averaging 1,322,593 shares for the last 20 days.
Earnings Outlook
The Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with CBRE.
Over the past two months, 5 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost CBRE's consensus estimate, increasing from $4.48 to $4.75 in the past 60 days. Looking at the next fiscal year, 5 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom Line
Taking into account all of these elements, it should come as no surprise that CBRE is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep CBRE Group on your short list.
Zacks Investment Research
Jones Lang LaSalle Incorporated JLL, popularly known as JLL, is expected to benefit from the continued strength of its resilient lines of business and favorable outsourcing trends. However, persistent macroeconomic uncertainty remains a concern.
What’s Aiding JLL?
JLL has a broad range of real estate products and services as well as an extensive knowledge of domestic and international real estate markets, thus enabling it to operate as a single-source provider of real estate solutions. Its superior client services and strategic investment in technology and innovation are expected to help grow market share and win relationships. Strategic technology investments enable the company to navigate challenging times.
Moreover, JLL's diversified and resilient platform and cost-optimization efforts are expected to support its adjusted EBITDA. Given its strong performance in the first half of 2024, management projects 2024 adjusted EBITDA to be within the range of $1.0 - $1.2 billion, up from the earlier guided band of $950 - $1,150 million. We expect fee revenues to increase 3.7% and 8.1% year over year in 2024 and 2025, respectively. Adjusted EBITDA margin is projected to be 13.7% in 2024, 15.6% in 2025 and 17.4% in 2026.
JLL’s Work Dynamics segment is well-positioned to benefit from favorable trends in the outsourcing business. Corporations are looking for the company’s wide-ranging knowledge and the breadth of its services, including sustainability. In the post-pandemic period, the trend for organizations to outsource real estate services and seek strategic advice on reimagining their workspaces and workstyles to boost culture, attract talent and drive performance has gathered more strength.
Amid the rising trend of outsourcing real estate needs by companies, new contract wins and the expansion of services with existing clients are likely to aid JLL’s performance in the upcoming period. Considering its global platform capabilities, strong demand and a significant market opportunity, management remains confident about Work Dynamics’ revenue and profit growth opportunity over the coming years. We expect a year-over-year increase of 11.8% in Work Dynamics' total revenues in 2024.
JLL is focused on maintaining balance sheet strength and adequate liquidity to enjoy operational flexibility. The company exited the second quarter of 2024 with $2.45 billion of corporate liquidity and a net leverage of 1.7X. As of June 30, 2024, it had investment grade ratings of Baa1 from Moody’s and BBB+ from S&P Global, which highlight financial and balance-sheet strength, enabling it to borrow at a favorable rate. Hence, with a solid balance sheet, the company is well-poised to sail through challenging times and capitalize on solid opportunities.
Shares of this Zacks Rank #3 (Hold) company have gained 21.5% over the past three months, outperforming the industry’s 15.3% growth.
What’s Hurting JLL?
Persistent macroeconomic uncertainty and geopolitical unrest have resulted in an uneven recovery in the global economy. Capital markets have also slowed down due to restrictive underwriting assumptions and rising debt costs amid a high-interest rate environment.
Occupiers continue to adopt a cautious approach under present market circumstances, awaiting greater price discovery and causing a delay in the closing timeline for transactions. As a result, an industry-wide slowdown in investment sales and leasing activity across several asset types has led to an underperformance in JLL’s transaction-based businesses in recent years. With subdued consumer and business sentiment expected in the near term, the company’s transaction-based businesses are likely to remain choppy.
Competition from other real estate service providers and institutional players on the international, regional and local ground is a concern for JLL. Also, some of them are larger on a regional or local basis or have a stronger position in a specific market segment or service offering. This could curb JLL’s ability to raise fees, affecting profitability.
Stocks to Consider
Some better-ranked stocks from the real estate operations sector are CBRE Group CBRE and Colliers International Group Inc. CIGI. Both CBRE Group and Colliers International have a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CBRE Group’s current-year earnings per share (EPS) of $4.75 indicates a 23.7% increase year over year.
The consensus estimate for Colliers International’s 2024 EPS has increased 1.8% over the past two months to $6.12.
Zacks Investment Research
CoStar Group, Inc. , headquartered in Washington, D.C., is a leading provider of commercial real estate information, analytics, and online marketplaces, serving clients globally. With a market cap of $32.21 billion, CoStar is at the forefront of the real estate sector, offering mission-critical data and technology solutions that empower clients to make informed decisions in property markets.
Companies valued at $10 billion or more are generally classified as "large-cap stocks," and CoStar Group rightly fits into this category as a dominant player in the commercial real estate sector.
CSGP shares are trading 21.4% below their 52-week high of $100.38, which they hit on Mar. 18. Also, the stock has gained 4.9% over the past three months, significantly underperforming the Dow Jones Industrial Average Index’s ($DOWI) 7.1% returns over the same time frame.
In the longer term, CSGP is down 9.8% on a YTD basis, and the shares have declined 2.7% over the past 52 weeks. The Dow has gained 9.8% in 2024 and 19.7% over the past year.
To confirm its bearish price trend, CSGP has been trading below its 200-day moving average since late May. However, it is trading above the 50-day moving average since mid-August.
On Jul. 23, CoStar Group reported its Q2 earnings, and its stock has outperformed CSGP and the border index, with a 50.1% gain over the 52 weeks.
Despite CSGP's recent underperformance compared to the Dow, analysts are moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy" from 13 analysts in coverage. The mean price target is $94.58, which suggests a premium of 19.9% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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