Carsales upgraded to Buy

The big banks have been getting the headlines in the latest market rout, but internet classifieds stocks have suffered larger falls, with REA Group dropping 13% in the past few weeks, Seek down 11% and Carsales down 16%. Less mature stocks have suffered even more, with iCar Asia, in which Carsales has a 23% stake, down 35% from its July peak, and iProperty Group, in which REA recently invested (see REA buys stake in iProperty Group), down 32%.A small part of Carsales’ fall (slightly less than 2%) can be explained by the stock going ex its 17.4 cent final dividend...

The big banks have been getting the headlines in the latest market rout, but internet classifieds stocks have suffered larger falls, with REA Group dropping 13% in the past few weeks, Seek down 11% and Carsales down 16%. Less mature stocks have suffered even more, with iCar Asia, in which Carsales has a 23% stake, down 35% from its July peak, and iProperty Group, in which REA recently invested (see REA buys stake in iProperty Group), down 32%.

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