Morgan Stanley says Aussie operations strong for PEXA, but flags risk for UK startup

PEXA

02/03/2023 02:09

** Analysts at Morgan Stanley say first-half results for
Australia's PEXA Group  PXA.AX  were a small beat at revenue and
EBIT levels on the back of strength in core Aussie operations
    ** The online property firm on Feb 23 said it would continue
to invest in its core business operations in fiscal 2023 amid
interim results announcement
    ** Brokerage says business in the UK is an opportunity worth
pursuing, but flags risk of 'unprofitable tech' market 
    ** Morgan Stanley, however, cuts co's PT from A$16.50 to
A$15.00 on the back of UK losses it suffered in first half;
flags risks over UK startup PEXA UK
    ** Shares of Australia's Pexa Group down 2.2%, lowest since
June 2022
    ** Six of eight analysts rate the stock "buy" or higher and
two "sell"; their median PT is A$15.86– Refinitiv data
    ** Stock down 1.1% this year, as of last close 

    

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