0035 GMT - Seek's bull at Macquarie is confident that near-term interest-rate cuts will stoke job ad volumes and boost the Australian classifieds provider. An analyst note says that Seek remains the investment bank's preferred exposure to the local rate cuts widely anticipated to occur in 2025. The note points to a high historic correlation between rate cuts and ad volumes, with continued low unemployment likely to be a supporting factor. The bank's analysts are cautious on Seek's Asian business, but see lower operating leverage rather than any earnings risk. Macquarie cuts its target price 11% to A$25.00 but keeps an outperform rating on the stock, which is up 2.7% at A$22.29. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 15, 2025 19:36 ET (00:36 GMT)
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