Raymond James elevated its recommendation on Colliers International (NASDAQ:CIGI) to Strong Buy from Outperform on Wednesday, while raising its 12-month price target to $200.00 from $195.00. The firm’s action coincides with Colliers trading at $128.34, below the prior close of $136.39, and reflects a valuation that the report characterizes as having a high price-to-earnings ratio of 55.7.
The upgrade followed Colliers’ announcement on Tuesday that it would acquire engineering firm Ayesa - a deal Raymond James described as a "pivotal step" for the company. The research note framed the transaction as an important strategic move for Colliers’ growth trajectory.
Despite the upgrade and the adjustment to the price target, Colliers’ shares retreated 6% on Tuesday. Raymond James attributed that drop to broader market pressure affecting data, technology and professional services stocks rather than to company-specific factors in the research note.
Raymond James also pointed out that Colliers’ stock has undergone a roughly 13% correction since January 20, 2026, the date when the firm initially identified Colliers as a high-conviction idea. By comparison, the S&P 500 registered an approximate 1% gain over the same period, according to the firm’s note. Despite that relative underperformance, Raymond James said it was confident enough in the name to "double down" with the rating upgrade.
Not all analysts mirrored Raymond James’ upgrade. Citizens analyst Mitch Germain reiterated a Market Perform rating on Colliers International. In his assessment, Germain emphasized the company’s expanding presence in the engineering sector as a differentiator from peer property services firms.
Germain’s commentary highlighted Colliers’ engineering platform as yielding durable income through long-term contracts that underpin specialized services. That structure, he noted, enables the company to leverage its reputation and technical capabilities to pursue both organic expansion and external growth opportunities. These elements were presented as central to Colliers’ broader strategy to strengthen its market position and to support future growth prospects.
Investors weighing the implications of Raymond James’ upgrade and Colliers’ Ayesa acquisition should note the contrasting analyst perspectives and recent share-price volatility. The company’s emphasis on specialized engineering services figures prominently in both the upgrade rationale and in the more measured view from Citizens.
Key points:
- Raymond James upgraded Colliers to Strong Buy and raised its price target to $200, citing the Ayesa acquisition as a pivotal strategic move.
- Colliers shares traded at $128.34, down from $136.39, and the stock has seen about a 13% correction since January 20, 2026, while the S&P 500 rose roughly 1% over the same span.
- Citizens maintained a Market Perform rating and underscored Colliers’ engineering platform as a source of durable, contract-backed revenue; sectors impacted include commercial real estate services, engineering services, and professional services markets.
Risks and uncertainties:
- Near-term share-price volatility - The stock fell 6% on Tuesday amid broader market pressure on data, technology and professional services stocks.
- Valuation considerations - Colliers’ high reported P/E of 55.7 may present valuation risk relative to expected earnings performance.
- Analyst divergence - Differing analyst views, exemplified by Citizens’ Market Perform stance versus Raymond James’ Strong Buy, create uncertainty for investor expectations.
These developments form part of Colliers International’s ongoing strategy to expand its specialized services offerings and to pursue growth through both internal initiatives and external acquisitions. Market participants should consider the company’s stated strategic focus on engineering and specialized contracts when assessing its medium-term outlook.