Jefferies calls Australia's Endeavour group's revamp plan 'sensible' but uncertain, cuts PT
BUZZ-Jefferies calls Australia's Endeavour group's revamp plan 'sensible' but uncertain, cuts PT ** Jefferies says Australia's Endeavour Group's EDV.AX strategy update is "sensible", but calls it uncertain due to lack of targets
** Brokerage flags co not setting earnings growth target for FY27 retail segment — their biggest profit generator
** Adds, "strategy not reliant on industry growth to deliver earnings growth"
** "Structural consumption headwinds remain, compounded by tough consumer backdrop" — Jefferies
** Australia's largest owner of pubs and bottle shops on Wednesday said it would sell its wineries and vineyards, scale back its drinks business and cut its dividend payout to save about A$300 million ($214.17 million) by 2029
** Jefferies says its FY27 EBIT estimates for co is around 3% below Visible Alpha consensus
** Lowers PT to A$3.20 from A$3.50, rates stock "hold"
** YTD, EDV down 20%
($1 = 1.4008 Australian dollars)
(Reporting by Rajasik Mukherjee in Bengaluru)
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