Morgan Stanley cuts City Chic Collective's PT as earnings miss estimates

City Chic Collective

17/01/2022 04:18

** Morgan Stanley cuts apparel and accessories retailer City
Chic Collective's  CCX.AX  PT to A$5.75 from A$6.65 
    ** Says underlying EBITDA for 26 weeks in the range of
A$22.5 mln($16.22 mln) to A$23.5 mln was 16% below expectations
 urn:newsml:reuters.com:*:nASN0021RE
    ** Brokerage expects investments to mitigate supply chain
issues, leading to negative free cash flow in FY22 
    ** Brokerage slashes EPS estimates by 11%-15% for FY22-FY24
    ** Shares of CCX rise as much as 1.2% to A$5.05, their best
intraday session since Jan. 14
    ** Eight of 10 analysts rate the stock "buy" or higher, two
"hold"; their median PT is A$6.71– Refinitiv 
    ** Stock has fallen 9.3% this year, as of last close


($1 = 1.3868 Australian dollars)

 (Reporting by Aneetta Thomas in Bengaluru)
 ((Aneetta.Thomas@thomsonreuters.com;))