REA Could Raise Its Annual Listings Outlook -- Market Talk

Dow Jones04-02

0051 GMT - REA's management could upgrade its outlook for FY 2024 listings growth when the Australian property advertiser updates the market on its 3Q performance, Bell Potter analyst Michael Ardrey reckons. He tells clients in a note that data from REA's Proptrack unit suggests that January-February listings growth in Australia's state and territory capitals was the strongest since 2012. This helps underpin an increase in Ardrey's full-year listings growth forecast to 5%, from 4% previously. Bell Potter lifts the stock's target price 9.8% to A$191.00 and keeps a hold rating. Shares are flat at A$185.55. REA is 61% owned by News Corp., which owns Dow Jones & Co., publisher of this newswire and The Wall Street Journal. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 01, 2024 20:52 ET (00:52 GMT)

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