Australia's Harvey Norman hits record high; Jefferies raises PT, profit estimates

Harvey Norman Holdings

01/09/2025 01:36

Updates share moves

** Shares of Harvey Norman HVN.AX extend gains, rise as much as 7.8% to an all-time high of A$7.430

** Stock is top gainer in ASX 200 benchmark index .AXJO

** Analysts at Jefferies raise price target on HVN to A$7.80 from A$6.50 after co's FY NPAT and sales beat expectations

** Brokerage says FY26 has "started well" for the furniture and electronics retailer, with sales growing faster than peers

** Jefferies now forecasts about 17% NPAT growth in FY26 driven by stronger sales and margins from co's key Australian  Franchising business

** Says HVN is benefiting from improving conditions across the world as monetary policy eases

** HVN has historically been a good stock to own as the cycle turns, because it is exposed to more cyclical categories and has large operating leverage - Jefferies

** HVN stock up more than 57% YTD, including day's move

 (Reporting by Himanshi Akhand in Bengaluru)

 ((Himanshi.Akhand@thomsonreuters.com;))