0404 GMT - REA Group's bull at Goldman Sachs sees the Australian property advertiser's higher buy yield more than offsetting growth in operating expenses. Analyst Kane Hannan raises his Ebitda forecasts slightly for the next three FYs on the buy-yield assumption. He also increases the stock's valuation multiple to 26X Ebitda from 24X Ebitda to reflect peers. Hannan says REA has one of the best risk/reward profiles in GS's Australian media coverage, noting its pricing power and market leadership. GS lifts its target price 11% to A$245.00 and keeps a buy rating on the stock, which is down 0.15% at A$226.85. REA is controlled 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
October 23, 2024 00:04 ET (04:04 GMT)
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