Jefferies maintains 'underperform' rating for Australia's IDP Education on decreased web traffic
Jefferies maintains "Underperform" rating for international education services provider IDP Education IEL.AX, at price target of A$9.50/shr
Brokerage points to 13% YOY decrease in February traffic to English-language testing websites including IELTS, PTE, TOEFL, Duolingo DUOL.O and CAEL
Says data indicates downloads of IDP Education's "IELTS by IDP" and "IDP Live" continue to decline on YOY basis, but the rate of decline has slowed, especially for "IELTS by IDP" in February
Brokerage suggests while the slower rate of decline for "IELTS by IDP" is encouraging, a significant recovery would require a reversal of the current downward trend
7 of 12 analysts rate the stock "buy", 4 as "hold" and 1 as "strong sell"; their mean PT is A$14.29 – LSEG data
Stock down 18.1% YTD
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