CoStar Group shares surged 5.4% after the company announced it will acquire a 30% stake in Wikicasa, an Italian real estate marketplace, as part of its international expansion strategy. Wikicasa is described as Italy's agent-backed real estate marketplace, with a shareholder base that includes the country's leading real estate agencies. Adding to the positive sentiment, analysts at Benchmark initiated coverage on CoStar with a Buy rating and a price target of $45.00, noting that despite a 50% decline in the stock year-to-date, it may have reached a bottom and could be positioned for a rebound. The shares later cooled to $29.65, up 4.7% from the previous close.
CoStar Group IncCoStar announced a 30% stake in Wikicasa and received bullish analyst coverage with a Buy rating and $45 price target.
Wikicasa is the target of CoStar's stake acquisition, implying a positive valuation signal.