Macquarie cuts PT for Australia's SEEK, downgrades to 'neutral'

SEEK

16/01/2024 23:24

** Analysts at Macquarie cut price target for SEEK Ltd
 SEK.AX  by 6% to A$26/shr and downgrades to "neutral" from
"outperform" rating, ahead of its 1H FY24 results
    ** Shares of the online employment services provider fall as
much as 4% to A$24.55 
    ** Brokerage expects SEEK will refine its FY24 outlook to
the low end of its range 
    ** Macquarie sees a subdued result for co with their
estimates largely in line with consensus
    ** Co forecasted FY24 EBITDA between A$520 mln ($342.47
mln)and A$560 mln
    ** Brokerage cuts co's FY24 and FY25 EPS estimates by 5% and
6%, respectively 
    ** Nine of 12 analysts rate the stock "buy", two "hold" and
one "sell" or lower; their median PT is A$27.40 - LSEG Data
    ** Stock gained 27.6% in 2023 
   


($1 = 1.5184 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))