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CSFB Upgrades CB Richard Ellis Group

CS First Boston raised its recommendation on CB Richard Ellis Group (CBG) to outperform from neutral on Tuesday, citing the real estate services provider's strong second quarter.

Analyst Joshua Rosen noted that the stock's price has been down about 10% over the past two weeks. Rosen had downgraded CB Richard Ellis Group in mid-July on its valuation, but this was before the company reported an extremely strong second quarter. The company beat Rosen's earning per share estimate by 30 cents, so he's raising his projections for 2006 and setting a $53 price target.

Rosen believes the company is in the midst of another strong quarter, as rental rates are broadly increasing and the labor market gradually improving.

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