BUZZ-Domain Holdings Australia falls after Bell Potter cuts PT, downgrades to 'hold'

Reuters
2024-11-07
BUZZ-Domain Holdings Australia falls after Bell Potter cuts PT, downgrades to 'hold'

** Shares of Domain Holdings Australia DHG.AX fall as much as 4.9% to A$2.730, their lowest level since Sept 9

** Online property marketplace provider posted Q1 total controllable yield of 6% on Wednesday; Bell Potter analysts call the yield result "disappointing"

** Brokerage cuts FY25 yield estimate for the co to 10% from 11%

** Bell Potter cuts PT to A$3.20 from A$3.50; reduces recommendation to 'Hold' from 'Buy'

** Cuts EPS expectation by 5% and 2% for FY25 and FY26, respectively

** Says Bell Potter is cautious around potential 2H uncertainty due to an election year, with rate cut outlook pushing later into the period

** Three of 12 analysts tracking the stock rate it "Buy" or higher, six "Hold" and three "Sell"; their median PT is A$3.15 - LSEG data

** Stock down about 16% YTD as of last close

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com;))

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