Australia's Seek jumps as brokerages cheer positive long term view

SEEK

05/04/2023 05:41

(Updates stock move, adds details from JPM note)
    ** Shares of Australian employment services provider Seek
Ltd  SEK.AX  rise as much as 4.3% to A$25.02, their highest
level since Feb. 16  
    ** J.P. Morgan says share price reaction is likely due to
longer-term targets being "somewhat in line with market
expectations" and co keeping its full year earnings guidance of
about A$560 mln on Tuesday; brokerage maintains 'overweight'
rating, holds PT of A$28
        ** Jefferies say SEK's revenue target of A$2.0 bln
($1.35 bln) in FY28 with EBITDA margins above 50% is 'quite
conservative,' given its growth prospects in ANZ and Asia 
  
        ** Jefferies says SEK's projection to grow revenue in
double digits in Asia by FY28 is 'achievable;' keeps 'buy'
rating and retains price target of A$27.33 
  
    ** Macquarie upgrades rating to 'outperform' from 'neutral;'
increases PT to A$32.5 from A$23.5 
    ** UBS reiterates 'buy' rating; raises PT to A$27.70 from
A$27.20   
    ** Ten of 13 analysts rate the stock 'buy' or higher, two
have 'hold' and one 'sell;' their median PT is A$27.33 –
Refinitiv data 
    ** Stock up ~19% so far this year
    
($1 = 1.4810 Australian dollars)

 (Reporting by Udbhav Krishna P and Mehr Bedi in Bengaluru)
 ((UdbhavKrishna.P@thomsonreuters.com;))