Analysts upbeat on Aussie retailer Harvey Norman after strong first half

Harvey Norman Holdings

29/02/2024 20:05

** Analysts at Citi hike PT on Australian furniture retailer
Harvey Norman Holdings  HVN.AX  to A$5.50 from A$5.00, while
Jefferies raises PT to A$4.60 from A$3.90 
    ** Both Citi and Jefferies retain their rating at "buy" and
"hold", respectively
    ** HVN advanced 4.4% on Thursday after logging a 1H24
underlying NPAT of A$213.9 mln ($139.01 mln), above consensus of
A$175.5 mln
    ** Citi expects a strong recovery in HVN's FY25 earnings,
underpinned by the franchises
    ** HVN is Citi's preferred discretionary pick on
expectations of most earnings above consensus
    ** Jefferies expects "modest growth to resume in FY25"; adds
HVN is "fundamentally a good business"
    ** Citi hikes FY24 underlying NPAT view by 1.5% to A$367.2
mln, while Jefferies hikes its estimate by 5.7% to A$349.6 mln
    ** Jefferies hikes FY25 and FY26 underlying NPAT estimates
by 5% to 6%


($1 = 1.5387 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))