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REA - REA News Story

A$103.62 2.2  2.2%

Last Trade - 5:10am

Sector
Technology
Size
Large Cap
Market Cap £7.03bn
Enterprise Value £7.12bn
Revenue £495.5m
Position in Universe 37th / 1830

BUZZ-Australia's REA Group rises after Morgans raises PT

Mon 12th August, 2019 2:13am
** Shares of real estate classified firm REA Group  REA.AX 
rise as much as 3.4% to A$99.910, their highest since Aug 3
    ** Morgans raises price target to A$92.07 from A$91.94,
retains "reduce" recommendation 
    ** Co's powerful Australian residential marketplace business
overcame the worst listing volumes in decades to post modest
revenue and earnings growth in FY19, according to Morgans
    ** On Friday, co had reported a 58% drop in annual profit
and flagged lower listing across the first half of 2020, citing
challenges from a steep property downturn in Australia
 urn:newsml:reuters.com:*:nL4N2546GB
    ** However, co also said a number of factors were in place
to support a market recovery including lower interest rates and
an improved lending environment 
    ** "The result was much better than many investors feared,
but the company needs a rebound in listing volumes in FY20 to
avoid another downgrade to market expectations" - Morgans
    ** One of 10 analysts rate the stock "strong buy", three
"buy", three "hold" and three "sell"; their median PT is A$92.07
- Refinitiv data 
    ** Stock is up 30.6% this year, as of last close 

 (Reporting by Shriya Ramakrishnan in Bengaluru)
 ((Shriya.Ramakrishnan@thomsonreuters.com;))
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