The S&P/ASX 200 Index (ASX: XJO) has dropped 0.92% in afternoon trade on Wednesday. It follows the index's highest-ever level of 9,108.60 points on Tuesday afternoon. Over the year, the index is 9.83% higher.
Seek Ltd (ASX: SEK) shares have experienced a similar gain (10.81%) over the past year. The online employment marketplace company's share price is 0.4% higher for the day and is trading at $27.78 per share at the time of writing. There has been no recent price-sensitive news out of the company.
In early September, analysts at Macquarie Group Ltd (ASX: MQG) said they expect Seek shares to storm higher over the next year. And now, the broker has returned with another note to investors revealing the group's updated guidance.
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What's next for the ASX 200 stock?
Macquarie has confirmed its outperform rating and $32.50 12-month target price on Seek shares.
At the time of writing, this represents a potential upside of 16.99% for investors over the next 12 months.
"Seek remains our top classifieds pick with a view that FY26 guidance is conservative and with ongoing execution (i.e. product innovation / pricing, cost controls / operating jaws, Asia strategy and SEEK growth fund redemptions) supporting a re-rating," the broker said in its note.
What else did Macquarie have to say about Seek shares?
The latest update comes off the back of Seek's latest employment report for September 2025.
Macquarie notes that job ad volumes were down 1% year on year in September, with year-on-year declines moderating since June. Volumes are down 3% year on year on a rolling 3-month basis and down 4% year on year on a 6-month rolling basis.
For FY26, there is expected to be a 3% decline in Australian job ads.
Meanwhile, the report shows that applications per ad in August was up 1% to a record high of 219 applications. This is 100 applications, or 83% above the 10-year average.
"For Seek, actual volume growth tends to correlate with growth within this report, but with some adjustments, mostly around the weighting of Australian and New Zealand volumes (MQe = 90% / 10% skew)," the broker said in its note.
Going forward, Macquarie said that ANZ ad volume declines continue to moderate, and current trends could support growth in 1H26.
"However, our forecasts remain for flat FY26 volumes (-1% 1H / +2% 2H), in line with potentially conservative guidance, with primary earnings drivers being 1) yield growth following the new ad ladder from April 2025 (MQe = +13% in FY26) and 2) increased operating leverage from platform unification."
