Zacks Reiterates Underperform Rating for Jones Lang LaSalle (JLL)
Jones Lang LaSalle (NYSE:JLL)‘s stock had its “underperform” rating restated by Zacks in a research report issued to clients and investors on Tuesday, American Banking and Market News reports. They currently have a $77.00 price objective on the stock. Zacks‘ target price indicates a potential downside of 9.45% from the stock’s previous close.
Zacks‘ analyst wrote, “Aided by growth in revenues, Jones Lang’s third-quarter 2013 adjusted earnings per share came in well ahead of the Zacks Consensus Estimate. Quarterly results benefited from decent increase in fee revenues, driven by Capital Markets & Hotels and Property & Facility Management as well as strong leasing performance. However, we note that though the economic conditions are improving, transaction volumes are yet to reach the pre-recession peak levels. Also, the cautious attitude of investors is limiting demand for opportunistic or speculative products. Structural and political issues have reduced the pace of the robust development in certain Asian economies and the slowdown in Brazil continues. Moreover, a healthy level of confidence is yet to return in the European market. Along with this, the cut-throat competitive environment remains plausible concern.”
Shares of Jones Lang LaSalle (NYSE:JLL) traded up 13.13% during mid-day trading on Tuesday, hitting $96.21. 748,807 shares of the company’s stock traded hands. Jones Lang LaSalle has a 1-year low of $70.90 and a 1-year high of $101.46. The stock’s 50-day moving average is $86.86 and its 200-day moving average is $92.95. The company has a market cap of $4.275 billion and a price-to-earnings ratio of 17.71.
Jones Lang LaSalle (NYSE:JLL) last issued its quarterly earnings data on Monday, October 28th. The company reported $1.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.63 by $0.86. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company posted $1.23 earnings per share. Jones Lang LaSalle’s revenue was up 16.6% compared to the same quarter last year. Analysts expect that Jones Lang LaSalle will post $5.97 EPS for the current fiscal year.
JLL has been the subject of a number of other recent research reports. Analysts at Morgan Stanley initiated coverage on shares of Jones Lang LaSalle in a research note to investors on Thursday, October 10th. They set an “underweight” rating on the stock. Analysts at Goldman Sachs Group Inc. raised their price target on shares of Jones Lang LaSalle from $24.00 to $25.50 in a research note to investors on Thursday, October 10th. They now have a “sell” rating on the stock. Three analysts have rated the stock with a sell rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $81.38.
Jones Lang LaSalle Incorporated (NYSE:JLL), is a financial and professional services firm specializing in real estate.
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