Analysts from Jefferies and Morningstar maintain a positive perspective on Australia’s Carsales.com (ASX:CAR), subsequent to the company’s reports of buoyant results.

The brokerages have raised their price target and fair value estimate for the company to A$25 per share (as per Morningstar) and A$30.19 (as per Jefferies).

Morningstar has noted that the company has decisively transitioned to the next phase of maturity for its North American business.

Additionally, they believe that Carsales.com is less vulnerable to economic fluctuations than the larger vehicle market.

A report from Jefferies highlights that half of company’s earnings currently stem from offshore ventures indicating a faster growth than domestic business.

Out of 16 polled analysts, 11 rate the Carsales.com stock as ‘buy’ or higher, five rate it as ‘hold’.

Their median price target is marked at A$27.45, according to data from Refinitiv.

Despite these promising remarks, the company’s stock has experienced a downturn of 16.3% this year, as of the last closing.

Carsales.com is a digital marketplace, offering automotive, motorcycle and marine classifieds.