Shares of Australia's City Chic Collective slip after Citi cuts PT

City Chic Collective

15/01/2025 05:10

(Updates with share moves)
    ** Shares of Australia's City Chic Collective  CCX.AX  falls
2.3% to A$0.1075 in above-average trading volumes
    ** Citi cuts PT to A$0.2 from A$0.25; keeps "buy/high risk"
rating
    ** Citi says the retailer will find it difficult to meet its
FY25 forecast, though a strong dollar could boost US earnings
    ** Still, adds CCX can beat FY market estimates, which were
lowered after results, and on optimism in its cost-saving plan
    ** Around 2 mln shares traded, 1.5x the 30-day avg
    ** Stock fell as much as 9.1% earlier in the day; it gained
on Mon after the company reported H1 results

 (Reporting by Nikita Maria Jino and Kumar Tanishk in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))