Australian company REA gains ground; UBS raises PT and outlook after first quarter results – 11/11/2024 at 04:10

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Updates)

November 11 – **REA Group REA.AX, controlled by News Corp

Rupert-Murdoch-owned NWSA.O rises 1.1% to A$236.76

** UBS raises price estimate to A$268 from A$236 and maintains call option

**Australian property listing company’s first quarter results beat market estimates, strong and evidence of good execution

**REA prepares for deep growth for the remainder of FY25

** Upward revision of revenue estimates for FY25-27 by 2% on average

** Brokerage firm Morningstar says REA shares are currently overvalued and the company has had a strong start to the year

**The company says REA outperformed smaller rival Domain Holdings DHG.AX.

** The outperformance is even more pronounced when considering Sydney and Melbourne, which saw stronger listing growth than Australia as a whole, which should have benefited Domain, whose business is more focused on these cities – Morningstar

**DHG shares fell 1.9% to A$2.63

**REA is up 29.3% year-to-date as of last close