Domain Holdings Australia falls after Bell Potter cuts PT, downgrades to 'hold'

Bell Financial

07/11/2024 03:07

** Shares of Domain Holdings Australia  DHG.AX  fall as much as
4.9% to A$2.730, their lowest level since Sept 9
**  Online property marketplace provider posted Q1 total
controllable yield of 6% on Wednesday; Bell Potter analysts call
the yield result "disappointing"
    ** Brokerage cuts FY25 yield estimate for the co to 10% from
11%
    ** Bell Potter cuts PT to A$3.20 from A$3.50; reduces
recommendation to 'Hold' from 'Buy'
    ** Cuts EPS expectation by 5% and 2% for FY25 and FY26,
respectively
    ** Says Bell Potter is cautious around potential 2H
uncertainty due to an election year, with rate cut outlook
pushing later into the period
    ** Three of 12 analysts tracking the stock rate it "Buy" or
higher, six "Hold" and three "Sell"; their median PT is A$3.15 -
LSEG data
    ** Stock down about 16% YTD as of last close

(Reporting by John Biju in Bengaluru)
((mailto:John.Biju@thomsonreuters.com;))