Macquarie cuts PEXA's PT as UK strategy lacks details post Smoove acquistion
06/10/2023 24:38
** Macquarie says Australia's PEXA Group's PXA.AX
acquisition of UK-based Smoove SMV.L further de-risks the UK
strategy, but flags lack of execution details
** Brokerage cuts price target to A$15.20 from A$15.80 for
the digital property settlements platform
** "Smoove acquisition further de-risks UK roll-out, but
business is loss making and questions around the execution
strategy remain" - Macquarie
** Macquarie downgrades co's FY24-26 EPS by 6.5%, 7.4%, and
6.1%, respectively
** PXA stock currently down 3.1% at A$10.56
** Seven of 8 analysts rate stock "buy" or higher, and 1
"sell"; their median PT is A$14.05 - LSEG
** Stock down 8.8% YTD as of last close
(Reporting by Ayushman Ojha in Bengaluru)
((Ayushman.ojha@thomsonreuters.com;))