Australia's SEEK tumbles, Jefferies flags downbeat outlook

SEEK

22/04/2025 05:04

** Shares of online employment marketplace SEEK SEK.AX slips 3% to A$19.74

** Firm's job ad index deteriorated in March, down 12.8% Y/Y

** "The near-term outlook is not reassuring, given U.S. reciprocal tariffs, federal election and timing of Easter/Anzac Day," Jefferies notes

** Brokerage believes consensus forecasts for FY26 may be too high given the uncertain economic outlook

** Jefferies' forecast is 8% below consensus for FY26 EBITDA, mainly driven by lower volume assumptions

** Brokerage maintains "Hold" rating at a price target of A$21.70

** Stock down 12.5% YTD

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))