REA got walloped through October on bond yield concerns, but as we’ve discussed through today’s report, these concerns are rapidly disappearing in the rear-view mirror. We liked their recent 1Q sales update, with their Australian Residential business enjoying a strong quarter with revenue up 12%, but again, this is a bond yield play into Christmas, and we believe on this front, REA will enjoy a relatively new tailwind into 2024.
- No change, we are bullish toward tech and real estate into 2024, targeting $170 for REA, around 8-10% higher.
MM moved overweight the Real Estate Sector in October. REA is one stock we may “key off” when we consider when to trim back our exposure but there’s no hurry at this stage.
MM remains bullish toward REA
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