Morgan Stanley cuts PT for Australia's PEXA Group

PEXA

12/09/2023 21:13

** Analysts at Morgan Stanley cut PT on Australia's PEXA
Group  PXA.AX  to A$14 from A$15 and rate stock "overweight"
    ** Online services co's shares fell as much as 11% on Aug 25
as profits took a hit from high prices, among other reasons
    ** MS believes early signs of improvement seen in the
Australian residential estate market will reflect in higher PXA
volumes in Q4 CY23
    ** Adds that brokerage believes "market requires more
clarity and a clear trajectory on when the UK will reach EBITDA
profitability" for PXA
    ** PXA stock has fallen 4.1% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))