SEEK LTD's stock plummeted 5.01% during intraday trading on Thursday, reflecting significant negative sentiment in the market.

The sharp decline follows a Citi analyst's note that cut forecasts for the jobs advertiser due to slowing hiring activity and disruption risks. The analyst reduced the FY 2027 forecast for local ad volumes by approximately 3% and emphasized that SEEK needs to keep reinvesting in its business despite the challenging environment.

Citi maintained a buy rating on the stock but significantly lowered its target price by 22% to A$18.00 based on lower volume expectations, contributing to the negative market reaction during the trading session.