0239 GMT - Domain's growing share of Australia's property listings market isn't enough to keep its bull at Citi. Analyst Siraj Ahmed lowers his recommendation to hold from buy despite upgrading his volume forecasts for the real-estate classifieds provider. He writes in a note that declining depth over the September quarter points to pressures on property sellers' marketing budgets following strong price increases by News Corp.-controlled rival REA. The stock retains some valuation appeal but the prospect of lower industry listings in the June half and the uncertainty of a new CEO keeps Ahmed cautious. Citi lowers its target price by 12% to A$3.20. Shares are down 2.4% at A$2.80. News Corp. owns Dow Jones & Co., publisher of this newswire and The Wall Street Journal. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 06, 2024 21:39 ET (02:39 GMT)
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