NMRK - Newmark Group: Recovery Is In Progress

2024-02-26 03:18:01 ET

Summary

• Newmark Group's recent quarterly results were largely consistent with what the market had anticipated earlier.
• NMRK's favorable FY 2024 guidance is justified on the basis that the recovery of the company's capital markets businesses is still in progress.
• I maintain a Buy rating for Newmark, as the stock has yet to fully price in the company's positive growth outlook.

Elevator Pitch

I leave my existing Buy rating for Newmark Group ( NMRK ) unchanged.

My prior December 16, 2023 , update for NMRK referred to the stock as "an undervalued capital markets recovery play." The recovery in Newmark's capital markets business is still in progress, which suggests there is still upside associated with NMRK's future financial and share price performance....

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