Citi cuts earning view, PT for Australia's City Chic Collective

City Chic Collective

21/12/2022 04:45

** Citi cuts its EPS estimates for Australian apparel
retailer City Chic Collective  CCX.AX  citing
weaker-than-expected outlook on operating performance
    ** Cuts FY23-25 EPS estimates by 30%-112% for CCX
    ** Brokerage cuts its price target to A$0.50 from A$1.04;
assigns a "high-risk" rating along with "neutral"
    ** Says decline in sales momentum is "somewhat
disappointing" as CCX appears to have increased discounting
which implies the customer database and/or brand names are not
as strong as previously thought
    ** CCX on Tuesday posted a 7% drop in YTD revenue globally
and said it sees small underlying EBITDA loss for the first half
of 2023  urn:newsml:reuters.com:*:nFWN33921V
    ** Three of 12 analysts rate the stock "buy" or higher, nine
"hold;" their median PT is A$1.08 – Refinitiv data
    ** Stock has fallen 92.6% this year, as of last close
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))