** Morningstar raises its fair value estimate for employment services provider Seek Ltd SEK.AX by 2% to A$21.50 per share
** The investment research firm sees "long runway of decent growth across the business"
** However, Morningstar believes co is "overearning", driven by the booming job market from the pandemic-era fiscal, monetary stimulus; expects normalization of the jobs market
** Jefferies also hikes its PT to A$24.60 from A$21.70, driven by its 4.6% and 6.3% increase in FY25 and FY26 earnings-per-share forecasts; rated 'hold' on shares
** Brokerage upgrades forecasts on better yields and margins
** Sees headwinds for co in Asia with the launch of its "freemium" offering in developed Asian countries, which contribute nearly 70% of Asia revenue; says there is risk of revenue spindown
** 10 of 13 analysts rate the stock "buy" or higher, 3 "hold"; their median PT is A$27.10, according to LSEG-compiled data
** YTD, SEK up 4.4%, last closed at A$23.56
(Reporting by Nichiket Sunil in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com;))
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