On Thursday, BMO Capital Markets maintained its Market Perform rating and Cdn$55.00 stock target for Altus Group (AIF:CN) (OTC: ASGTF). Following the Altus Connect 2024 conference, the firm expressed a positive outlook on the company's long-term growth potential, noting that Altus holds approximately a 15% share in a $5 billion total addressable market (TAM).
The conference highlighted two main themes: the advancement of the Altus Intelligence Platform and the company's shift towards providing predictive analytics solutions. These themes are consistent with the previous year's focus, but the firm observed further progress in these areas.
Despite a modest level of commercial real estate (CRE) transaction activity, the real estate sector is still viewed as an appealing investment class. This environment is expected to drive demand for valuation, asset management, and analytics tools among property owners.
BMO Capital's commentary suggests that these industry dynamics are likely to provide a long-term tailwind for Altus Group's growth. The firm's reiteration of the Market Perform rating indicates a steady outlook for the company's stock performance in the foreseeable future.
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