Canaccord Genuity cuts City Chic Collective's PT on stumbling sales

City Chic Collective

23/05/2023 06:26

** Canaccord Genuity lowers PT for Australia's City Chic
Collective Limited  CCX.AX  to A$0.90 from A$1.00; retains 'buy'
rating
    ** The brokerage has revised FY23, FY24 and FY25 revenue
forecasts down 2%, 10% and 3% as inflation-weary consumers
gravitate towards discounted merchandise
    ** The multi-channel retailer on Monday reported group sales
declined by 15.2% to A$262.2 mln during a 45-week duration ended
May 14
    ** "The share price will likely move on balance sheet
relative to profitability in the short term" - Canaccord Genuity
    ** 3 of 12 analysts rate the stock "buy" or higher and 9
"hold" ; their median PT is A$0.57 – Refinitiv data
        ** Shares of CCX rise 2.6% to A$0.365
    ** Stock has fallen ~20% so far this year, as of last close 

 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.bedi@thomsonreuters.com))