Australia's Seek gains, Citi says weakness cyclical, not structural
BUZZ-Australia's Seek gains, Citi says weakness cyclical, not structural Updates
** Shares of Australia's Seek SEK.AX rise as much as 5.5% to A$14.670
** Stock among top gainers on the broader ASX200 benchmark index .AXJO
** Analysts at Citi maintain "buy" rating on SEK with a target price of A$19
** Brokerage says co's weaker FY27 profit guidance on Wednesday mainly reflects softer job volumes and higher depreciation and amortisation expenses stemming from changes to useful life assumptions rather than underlying operating weakness
** Citi cuts FY27 and FY28 core NPAT forecasts by 12% and 10%, respectively, but says stronger-than-expected yield growth and disciplined cost management support its positive view
** Nine of 13 analysts rate the stock "buy" or higher, four "hold"; their median PT is A$19.15 - LSEG data
** As of last close, stock down 37.3% YTD
(Reporting by Roshan Thomas & Rajasik Mukherjee in Bengaluru)
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Brief: Seek Ltd Sees FY27 EBITDA Of About A$530M-A$580M