Australia's CAR Group hits 1-month high after Citi upgrades to 'buy'

CAR

16/07/2024 01:37

** Shares of CAR Group  CAR.AX  jump as much as 2.4% to
A$36.01, their highest level since June 14 
    ** Citi hikes price target to A$39.80 from A$34.70, raises
rating to "Buy" from "Neutral" 
    ** "While another rate rise and weakening demand are risks
to the Australian business, we see Carsales as having a very
strong position and expect it to deliver solid growth even in a
tough environment" - brokerage 
    ** Citi expects co's international businesses to benefit
from rate cuts and with Brazil and U.S. driving growth, expects 
double-digit earnings growth over the medium term for co 
    ** Stock up 12.9% YTD as of last close 

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))