BUZZ-J.P. Morgan raises PT on Australia's REA Group, upgrades to 'overweight'

Reuters
2024-10-22

** Analysts at J.P. Morgan raise PT on Australia's REA Group

to A$240 from A$190

** Brokerage upgrades the Rupert Murdoch-owned News Corp

controlled property listing firm to "overweight" from "neutral"

** Expects company to generate solid yield growth with increased wallet and geographical share compared to its market competitors such as Domain Holdings

** REA has been the dominant online platform for residential real estate classifieds since its launch more than 20 years ago - JPM

** Brokerage says REA’s valuation appears more reasonable once earnings growth is taken into account

** REA is up 25.7% this year, as of last close

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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