** Shares of commercial real estate services and investment firm CBRE Group CBRE.N rise 1.5% to $139.31 in premarket trading

** J.P. Morgan upgrades stock rating to "overweight" from "neutral", citing CBRE's "strong track record in capital allocation and driving organic growth"

** "We are at the front end of a beat-and-raise cycle for commercial real estate $(CRE.UK)$ services companies as CRE activities recover in the next few years" - JPM

** CBRE better positioned than peers to produce outsized earnings growth - brokerage

** Brokerage lifts PT to $163 from $120, representing about 19% upside to the stock's last close

** Seven brokerages rate the stock "buy" or higher and five "hold"; their median PT is $147.50, according to data compiled by LSEG

** As of last close, stock up 47.5% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))