Australia's JB Hi-Fi at one-week low as UBS cuts to 'sell'

JB Hi-Fi

29/07/2024 04:27

(Adds share moves)
    ** Australia's JB Hi-Fi  JBH.AX  drops 2.1% to a one-week
low of A$65.86
    ** UBS cuts retailer to "sell" from "neutral"; trims PT by
A$1, to A$59
    ** Brokerage sees limited category expansion options, with
JBH's Australian business mostly reliant on tech innovations
from key suppliers
    ** Expects such innovations to drive sales in a few years
and not immediately
    ** Cuts earnings estimates for FY24, FY25 and FY26 on lower
New Zealand-based sales
    ** Session's loss cuts stock's YTD gains to 24.3%

 (Reporting by Rishav Chatterjee and Aaditya Govind Rao in
Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))