Cohen & Steers: Rising Equity Markets Led to a More Than 15% Increase in Our Valuation

We've increased our fair value estimate for narrow-moat rated Cohen & Steers to $62 per share from $53 to account for revised near-term expectations for assets under management, revenue, and profitability since our last update. With the U.S. and global REIT markets rising 17% in the fourth quarter of 2023, Cohen & Steers recorded an 11% increase in its AUM during the period. This left the firm in a better position than we had been expecting coming into 2024, allowing us to raise our fair value estimate as much as we did.