Pexa Group's investor day was broadly positive, in Morgans view, with FY24 guidance reaffirmed and a cost-out plan announced, cutting the group's global workforce by -12%.

Regarding PEXA UK, the company also revealed it is dealing with two of the top 10 banks on a product launch scheduled for mid-2024.

The broker lowers its FY24 EPS forecast by -13% to align with management's increased outlook for business spend.

The target falls to $13.36 from $13.45. Add.

Sector: Real Estate.

Target price is $13.36.Current Price is $11.90. Difference: $1.46 - (brackets indicate current price is over target). If PXA meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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