CoStar Q1 Bookings Expected to Fall Sharply Amid Homes.com Weakness, RBC Says
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CoStar's Q1 bookings are projected to decline by 40% year-over-year due to underperformance at Homes.com, according to RBC Capital Markets. The firm anticipates Q2 revenue guidance of $785-$795 million, raising the full-year outlook to $3.14-$3.17 billion. CoStar plans to invest $900 million in fiscal 2025 to establish a dedicated Homes.com salesforce while reducing marketing expenses. RBC maintains a sector perform rating with an $83 price target, noting a recent 1.1% increase in shares.
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