Canaccord cuts PT on Australia's Adairs, downgrades earnings estimates

Adairs

21/08/2023 22:51

** Analysts at Canaccord Genuity cut PT on Australia's
Adairs  ADH.AX  to A$1.40/share from A$1.60/share
    ** Sees continuation of softer sales across fiscal 2024,
cuts EBIT estimates by 6% to little under A$50 mln ($32.07 mln)
    ** Brokerage retains 'hold' rating on speciality retailer
pending more constructive news flow and management commentary
surrounding earnings outlook
    ** Overall trading conditions thus far for FY24 remain weak
and signal the continued difficult in retailing environment -
Canaccord
    ** Three of nine analysts rate the stock "buy", five "hold"
and one "sell"; their median PT is A$1.80 – Refinitiv data
    ** Stock has fallen 35.7% this year, as of last close


($1 = 1.5593 Australian dollars)
    

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))