Analysts remain positive on Australia's Carsales.com, raise PT

CAR

15/08/2023 02:35

** Analysts at Jefferies and Morningstar remain positive
about Australia's Carsales.com  CAR.AX  after co reported upbeat
results  
    ** Brokerages raise price target and fair value estimate for
co to A$25 per share (Morningstar) and A$30.19 (Jefferies)
    ** Morningstar says co has decidedly moved to the next phase
of maturity for its North American business
    ** Carsales is less susceptible to economic conditions than
the broader vehicle market - Morningstar 
    ** Jefferies says half of earnings now come from offshore,
which is growing faster than the domestic business
    ** 11 of 16 analysts rate the stock "buy" or higher, five
"hold" ; their median PT is A$27.45 – Refinitiv data
    ** Stock has fallen 16.3% this year, as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))