Jefferies downgrades Australia's PEXA to hold on weak performance

PEXA

04/01/2024 02:22

** Jefferies downgrades Australian online real estate firm
PEXA Group  PXA.AX  to "hold" from "buy", cuts price target to
A$11.45 from A$14.05
    ** PXA trading 0.7% lower as at 0138 GMT; on track for its
fourth consecutive session in red
    ** Brokerage says weak performance across businesses by PXA,
which operates a digital property settlements platform, prompted
downgrades
    ** Brokerage cuts its FY24 adjusted NPATA estimate by 15.4%
to A$42.2 mln ($28.40 mln), and by 9.3% to A$57.1 mln for FY25
    ** Expects continued growth in PXA driven by clear
market-leading position in core Australian property settlement
business, annual price increases, among others
    ** Five of eight analysts rate PXA "buy" or higher, while
three rate it "hold"; their median PT is A$14.00 – LSEG data
    ** PXA lost 7.1% in 2023, vs a 7.8% increase in the ASX 200
benchmark index  .AXJO  


($1 = 1.4861 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))