Airtasker's 4Q trading update highlights to Morgans the resilience of the company's platform given the tough macroeconomic backdrop. The Add rating is retained due to the strong growth outlook.

Gross marketplace volume (GMV) rose by  5.6% on the previous corresponding period to $57.3m, while revenue was up 20.6% to $10.8m, a fall of -6% quarter-on-quarter.

Management is aiming for positive free cash flow in FY24 and there is $17m cash on the balance sheet, enabling the growth strategy to be implemented, in the analyst's view.

The target falls to 52c from 60c on lower revenue assumptions and ongoing tough macroeconomic conditions. 

Sector: Media.

Target price is $0.52.Current Price is $0.21. Difference: $0.32 - (brackets indicate current price is over target). If ART meets the Morgans target it will return approximately 61% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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