REA Group, which is controlled by News Corp, experienced a 1.1% increase in its shares to A$236.76 after reporting strong first-quarter results that surpassed market expectations.

UBS has raised its price target for the company from A$236 to A$268, maintaining a positive outlook as REA prepares for significant growth in FY25. Sales estimates for FY25-27 have been revised upwards by an average of 2%, reflecting the company's strong performance.

Morningstar has observed that REA has outperformed its smaller competitor, Domain Holdings, particularly in Sydney and Melbourne, where enrollment growth has been stronger than the national average. In contrast, Domain Holdings saw a 1.9% decrease in its shares to A$2.63.

Year-to-date, REA shares have surged by 29.3%, indicating a strong start to the year despite concerns from Morningstar about the stock's current valuation.