Seek Ltd's shares get Jefferies ratings upgrade

SEEK

15/02/2022 22:25

** Jefferies raises rating on Australia's SEEK Ltd  SEK.AX 
to "buy" from "hold"; raises PT to A$37.52 from A$32.72
    ** The employment services provider's shares gained over 6%
on Tuesday after posting reported NPAT from continuing ops
(excluding significant items) of A$124.2 mln ($88.82 mln) for
H1, up 147%   urn:newsml:reuters.com:*:nL4N2UP4RJ
    ** Brokerage raises 2022 net profit est by 18.8% to A$248.9
mln
    ** Jefferies says results beat was driven by
stronger-than-expected volume growth steered in part by small
and medium enterprises
    ** Brokerage adds recruiters are under-represented, expects
more recruiter job ads to come
    ** Jefferies forecasts stronger yield growth of 21.5% in
FY22, 13.5% in FY23, and 9% in FY24
    ** 8 of 14 analysts rate the stock "buy" or higher, 4 "hold"
and 2 "sell" or lower; median PT A$34.20– Refinitiv data
    ** Company's shares down 10.1% this year, as of last close

 ($1 = 1.3984 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com))