CoStar stock hits near 4-month high on raised guidance, Q2 results beat
CHUNYIP WONG/iStock via Getty Images

CoStar (NASDAQ:CSGP) stock climbed to a near 4-month high on Wednesday after the firm raised its 2022 guidance and reported better-than-expected Q2 results.
CSGP raised its 2022 adj. EPS guidance to $1.09-$1.13 vs. consensus estimate of $1.12. Prior outlook was $0.98-$1.03.
2022 revenue outlook was also raised to $2.165B-$2.180B vs. consensus estimate of $2.17B. Prior outlook was $2.15B-$2.17B. 
CSGP expects Q3 adj. EPS of $0.23-$0.25 vs. consensus estimate of $0.23.
Q3 revenue is projected to be $552M-$557M, up ~11% Y/Y at the midpoint of the range. consensus estimate of $554.1M.
CSGP reported Q2 adj. EPS of $0.28, topping estimates, on revenue of $536.31M, up 11.7% Y/Y. New bookings in Q2 increased 66% Y/Y to $84M.
Needham raised its price target on CSGP to $80 from $77 (potential upside of ~32% to last close) to reflect updated quarterly earnings estimates following the upbeat results/outlook.
Analyst Mayank Tandon said CSGP's results beat was driven by "improving multifamily conditions, strong sales execution, and efficient operating trends".
The brokerage maintained its Buy rating, in-line with bullish sell-side ratings (5 Strong Buy, 5 Buy, 2 Hold).
But SA Quant rating on CSGP is Hold as the stock fared poorly in factor grades valuation and growth.
Shares of CSGP declined 14.3% YTD.