CBRE Stung By Another Downgrade

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Shares in CB Richard Ellis Group Inc. lost 9 percent Friday after another analyst cut his expectations for the world’s largest real estate broker; saying he feels the commercial real estate market will weaken.


Lehman Brothers Holdings Inc. analyst Jeffrey Kessler reduced his earnings estimate for 2007 to between $2.25 and $2.30. This comes two days after Morgan Stanley analysts Matthew Ostrowe said that commercial real estate prices may fall as much as 15 percent over the next year marking the steepest decline on more than six years.


Shares in the El Segundo-based firm have lost 17 percent since Wednesday and were down 9.1 percent, or $2.50, to $25.15 in afternoon trading Friday on the New York Stock Exchange.

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