Australia's JB Hi-Fi drops after Jefferies downgrades to 'Underperform'

JB Hi-Fi

02/08/2024 06:09

** Shares of JB Hi-Fi  JBH.AX  fall as much as 5% to A$66.7,
posting their biggest intraday percentage decline since May 9
    ** Analysts at Jefferies downgrade rating on electronics
retailer to 'underperform' from 'hold'
    ** Brokerage says JBH is trading well above its PT of
A$55.50
    ** "We believe excitement around AI devices has at least
partly driven JBH's strong share price performance... our
channel checks suggest early demand has been modest and the
devices are unlikely to trigger an early replacement cycle" -
Jefferies 
    ** Four of 14 analysts rate the stock "buy" or higher, four
"hold" and six "sell" or lower; their median PT is A$58.72– LSEG
data
    ** Stock up 27.6% YTD, including session's move



 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))