UPDATE: KBW Raises PT on CB Richard Ellis Group to $26 (CBG)

KBW is out with its report today on CB Richard Ellis (NYSE: CBG), raising its price target from $24 to $26.

In a note to clients, KBW writes, "Event--On March 7, CBG announced that it has raised $800 million in debt to finance the acquisition of ING Real Estate Investment Management. The all-in cost of this deal is approximately $1.15 billion which equates to roughly 11x 2010 EBITDA. We are increasing our 2012 EPS estimate to $1.35 from $1.20 on the deal. We increase our price target to $26 from $24 given our earnings revision."

At the time of posting, shares of CBG were trading at $25.58, up 0.20% from Tuesday's close.