Australian retailer Harvey Norman slips as Macquarie cuts PT, estimates

Harvey Norman Holdings

02/09/2024 03:24

** Shares of Australia's Harvey Norman  HVN.AX  fall 1.1% to
A$4.53, hitting their lowest since Aug 9
    ** Analysts at Macquarie lower price target on furniture and
electronics retailer to A$5 from A$5.40; maintain "outperform"
rating
    ** Lower earnings forecasts by 6.3%, 3.8% and 5.8% for the
next three financial years
    ** Brokerage says co's New Zealand operations remain a soft
spot and a slowdown in the economy continues to weigh on trading
    ** Macquarie notes that co reported an increase in bonus
gift cards over FY24 due to a period of higher promotional
activities
    ** Brokerage says FY25 outlook remains positive, buoyed by
tax cuts in Australia and potential rate cuts later in the year
    ** Stock had risen 9.1% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))