The REA Group Limited (ASX: REA) share price has returned to form on Tuesday and is notably higher in afternoon trade.
At the time of writing the property listings company's shares are up 4% to $75.66.
Why is the REA Group share price pushing higher?
With no news out of REA Group, I suspect today's gain is down to bargain hunters swooping in to take advantage of the recent share price weakness following its half year results release last week.
Although the realestate.com.au operator delivered a 20% lift in profits, investors were spooked when it warned that the Federal election was likely to hit listing volumes and revenue in the second half. This led to the company's shares falling almost 7% in the space of two trading days.
However, after numerous broker notes declared its shares a buy, it appears as though investors have returned in their droves today.
Which brokers are bullish on REA Group?
While there are neutral ratings on its shares from the likes of UBS and Credit Suisse, the majority of broker notes I have seen have buy ratings.
Citi is one of the most bullish brokers with a buy rating and $105.00 price target. Its analysts feel that management was being cautious with its guidance and expect REA Group's revenue growth to accelerate when listing headwinds ease.
Elsewhere, Morgans has an add rating and $89.57 price target, Macquarie has an overweight and $90.00 price target, and Goldman Sachs has a buy rating and $94.30 price target.
Should you invest?
I agree with the buy-rated brokers above that REA Group's shares are in the buy zone right now, especially after the recent pullback.
Overall, I see it as one of the best buy and hold investment options on the Australian share market along with the likes of global biotech giant CSL Limited (ASX: CSL) and job listings company SEEK Limited (ASX: SEK).
