Seek Warrants Caution as Higher Rates Weigh on Ad Volumes
Dow Jones
Sep 23
0352 GMT - Australian job advertiser Seek keeps its hold rating at Bell Potter as analyst Michael Ardrey waits for any positive shift in sentiment or visibility on a recovery in ad volumes. Ardrey trims his FY 2028 volume forecasts to reflect an increasingly hawkish backdrop for global interest rates. He tells clients in a note that comments by the governor of Australia's central bank indicate that higher unemployment will be tolerated in order to reduce inflation from current levels. This is a headwind for hiring, and for Seek. Bell Potter lowers its target price 5.8% to 13.00 Australian dollars. Shares are down 1.7% at A$11.90.
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