Credit Suisse upgrades volume growth estimates to factor in the strength in new listings and is now looking for 30% volume growth in the second half. The broker expects some dilution in the growth rate from lower rental, developer and commercial volumes.
While positive, the broker notes volume growth largely reflects a pulling forward and volumes are likely to be up by a more moderate 4% in FY22. Neutral maintained. Target rises to $152 from $148.
Sector: Media.
Target price is $152.00.Current Price is $159.18. Difference: ($7.18) – (brackets indicate current price is over target). If REA meets the Credit Suisse target it will return approximately -5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
