Analysts unimpressed with outlook statement of Australia's Seek

SEEK

15/08/2023 22:37

** Analysts at Jefferies and Morningstar say outlook
statement of Australia's Seek Ltd  SEK.AX  is weak, with
forecast being "disappointing" 
    ** The employment services provider on Tuesday gave a
weaker-than-expected FY24 forecast after which shares of the
company plunged to the bottom of the benchmark  
    ** Outlook is implying flat or a possible declining in
earnings compared with FY23- Jefferies 
    ** Morningstar says Seek is likely to see a further
deceleration in its ANZ business in fiscal 2024 
    ** As total vacancies in Australia comes down to trend, from
around double the pre-COVID average now, yields will eventually
fall as well- Morningstar 
    ** Eight of 13 analysts rate the stock "buy" , three "hold"
and two "sell" ; their median PT is A$27.4– Refinitiv data
    ** Stock has risen 17.7% this year, as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))