J.P. Morgan raises PT on Australia's REA Group, upgrades to 'overweight'

Domain Holdings Australia

21/10/2024 23:19

** Analysts at J.P. Morgan raise PT on Australia's REA Group
 REA.AX  to A$240 from A$190
    ** Brokerage upgrades the Rupert Murdoch-owned News Corp
 NWSA.O  controlled property listing firm to "overweight" from
"neutral"
    ** Expects company to generate solid yield growth with
increased wallet and geographical share compared to its market
competitors such as Domain Holdings  DHG.AX  
    ** REA has been the dominant online platform for residential
real estate classifieds since its launch more than 20 years ago
- JPM
    ** Brokerage says REA’s valuation appears more reasonable
once earnings growth is taken into account
    ** REA is up 25.7% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))