While Macquarie came out with “7 safe havens” to own on Monday they also added 2 sell ideas, JB Hi-Fi (JBH) and REA Group (REA), but unlike ILU the online real estate listing business didn’t follow their script on Monday, it actually rallied +0.4%. Pundits have been talking about equities and property falling since interest rates started rising but over the last few months, they’ve both rallied strongly even as the RBA is expected to push rates even higher – a market that can rally on bad news is usually a strong market.
- We like REA short term and are still looking for a further +8% upside.
MM is long & bullish REA targeting the $150 area
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