What Happened?
Shares of real estate services firm Cushman & Wakefield (NYSE: CWK) jumped 3.5% in the morning session after it received a significant upgrade from Goldman Sachs, which moved its rating to Buy from Sell and set a price target of $17.50. The upgrade from Sell to Buy follows the company's strong second-quarter 2025 financial results, which surpassed Wall Street expectations. Cushman & Wakefield reported earnings per share of $0.30, beating forecasts of $0.22, on revenue that also topped estimates. Goldman Sachs cited several factors for the rating change, including meaningful improvement in services revenue and enhanced profitability after restructuring.
After the initial pop the shares cooled down to $13.73, up 2.4% from previous close.
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What Is The Market Telling Us
Cushman & Wakefield’s shares are quite volatile and have had 17 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 3 days ago when the stock gained 3.2% on the news that the company reported strong second-quarter financial results that surpassed analyst expectations for both revenue and earnings. The commercial real estate services firm posted revenue of $2.5 billion for the quarter, an increase of 9% from the previous year. This performance topped analyst forecasts. Earnings per share came in at $0.30, which also beat consensus estimates. The growth was driven by strong results in its Capital Markets and Leasing segments, where revenue increased 27% and 8%, respectively. Adding to the positive news, the company announced a $150 million debt repayment and raised its earnings outlook for the full year.
Cushman & Wakefield is up 9% since the beginning of the year, but at $13.73 per share, it is still trading 11.3% below its 52-week high of $15.48 from November 2024. Investors who bought $1,000 worth of Cushman & Wakefield’s shares 5 years ago would now be looking at an investment worth $1,265.
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