Tse, who initiated coverage of Altus Group on March 24 with a “Buy” rating and a one-year price target of $28.00, yesterday issued a research update to clients in which he updated them with new information gleaned from ARGUS Connect 2016, a user conference for ARGUS Software, a client that makes up a significant portion of Altus Group’s revenue.
The analyst says the conference was a “foundational forum” for Altus’ push towards technology. He says the company’s vision of a technology platform for real estate dominated the event and it’s one he sees great promise for.
“Altus Group is pivoting toward a new technology-focused business unit called Altus Analytics Solutions through a combination of ARGUS Software, Research, Valuation, and Advisory (RVA), and Voyanta,” notes Tse. “In our view, Altus will leverage its expertise and proprietary database of real property information while continuing to grow a recurring revenue stream and increasing operating leverage.”
Tse says Altus Group’s shift to technology should bring with it a re-rating due to gradual improvement in its numbers.
In yesterday’s note, Tse reiterated his “Buy” rating and $28.00 one-year price target on AIF.
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