Analysts from Jefferies and Morningstar have expressed lack of enthusiasm towards the outlook statement of Australia’s Seek, labeling the forecast as ‘disappointing’.

The employment services company issued a less than anticipated outlook for the fiscal year 2024, inducing a considerable drop in share prices.

According to Jefferies, the outlook seems to suggest stagnant or possibly a decline in earnings in comparison with fiscal year 2023.

On the same note, Morningstar predicts Seek may experience further deceleration in its Australia and New Zealand business by 2024.

Due to a projected decrease in Australia’s total vacancies from double the pre-COVID average to a trend level, Morningstar anticipates yields will eventually drop.

Among thirteen analysts, eight rate the stock ‘buy’, three recommend ‘hold’, and two suggest ‘sell’.

Their median target price for the stock is A$27.4, according to Refinitiv data.

Despite this, the stock has seen a surge of 17.7% this year as of its recent closing.

Seek (AX:SEK) is an employment services provider operating in Australia.