CoStar shares tumble after Q3 revenue misses expectations
** Shares in real estate information provider CoStar Group CSGP.O down 9.6% on Wednesday, on track for biggest one-day pct drop since Feb 2022 after mixed update, guidance; co trimmed FY rev target, reported Q3 rev below Street expectations
** CSGP, the operator of Apartments.com online marketplace, last traded at $69.53 vs median PT of $96.50, according to LSEG, which shows 14 analyst ratings 4 'strong buy,' 7 'buy,' and 3 'hold' ratings, Earlier stock hit $68.26, lowest price in a year
** Co revised FY revenue forecast to between $2.72 billion and $2.73 bln, from its prior est issued in July for rev of $2.735 bln to $2.745 bln
** However it increased its guidance for full year 2024 non-GAAP EPS to range of $0.67 to $0.69 vs target issued in July of $0.64 to $0.66
** For Q3, CSGP reported adj eps of $0.16 in line with consensus estimate, rev of $693 mln vs mean Street estimate $696.1 mln, as per LSEG
** YTD shares in CoStar down 20.4% vs 21.5% gain for S&P 900 index .SPLGMID
(Reporting By Sinéad Carew)
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