Australia's JB Hi-Fi lifts as JPM raises PT, upgrades to 'overweight'

JB Hi-Fi

10/05/2024 03:08

** Shares of Australia's JB Hi-Fi  JBH.AX  rise as much as
2.1% to A$58.44
        ** Discretionary retailer's stock set for biggest
intraday pct gain since March 21
    ** Analysts at J.P. Morgan raise PT to A$63 from A$60;
upgrade rating to "overweight" from "neutral"
    ** Brokerage impressed with co's potential capital
management in August and co's efforts to increase capital
position by A$200 million ($132.22 million) as at FY24 
    ** Says earnings outlook solid as cost control remains a
focus; expects EBIT margins of 7% for FY25
    ** Adds, co displays strong operational execution and
favourable product cycle trends in computing and telco
categories
    ** Four of 14 analysts rate the stock "buy" or higher, seven
"hold" and three "sell"; median PT at A$59.07
    ** Stock has risen 8% this year, as of last close

($1 = 1.5126 Australian dollars)

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