Adore Beauty gains as broker Citi begins coverage with 'buy'

Adore Beauty

01/11/2023 02:51

** Shares of Australia's Adore Beauty Group  ABY.AX  rise as
much as 2.9% to A$1.07
    ** Analysts at Citi initiate coverage on the stock with a
'Buy' but 'high/risk' rating
    ** Gives PT of A$1.25 to the stock
    ** Broker remains positive around co as it believes beauty
and personal care has the greatest further upside in online
retailing growth
    ** Analysts at the brokerage remain 35% ahead of consensus
estimates for total sales by fiscal 2030
    ** Forecasts sales growth of 7% in FY24 and around 15% in
FY25 and FY26
    ** Stock has risen 1% this year as of last close

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