This commercial real estate stock isn't likely to recover this year on higher interest rates and stiff free cash flow, Goldman Sachs says
Goldman Sachs thinks commercial real estate giant Cushman & Wakefield will have a tough time navigating the current macro environment. The bank downgraded the stock to neutral from buy on Monday. It also cut its price target on Cushman to $11 per share from $15.50 per share, implying upside of about 12% from Thursday's close.
" CWK YTD mountain Shares of Cushman and Wakefield have been under immense pressure so far this year, and Goldman Sachs doesn't expect a company recovery this year. Shares of Cushman are down nearly 21% in 2023, as the broader commercial real estate sector faces turmoil. Goldman is pessimistic toward a total recover in the sector this year, and its previous bullish sentiment toward Cushman was in part based on the company's expectation that lending rates would remain stable.
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