JB Hi-Fi jumps most in 3-1/2 month after brokerages raise PT

JB Hi-Fi

18/01/2023 24:41

(Adds share movement)
    ** Shares of JB Hi-Fi  JBH.AX  jump as much as 4.6% to
A$48.63, on track for their best session since Oct. 4 if gains
hold
    ** The electronics retailer posted an 8.6% sales jump for H1
FY23 with NPAT up 14.6% at A$329.9 million ($230.47 million)
    ** Stock among top gainers on the benchmark index  .AXJO 
    ** UBS says strong gross margins drove JBH's H1 NPAT higher
than brokerage estimates
    ** Brokerage raises JBH's EPS estimates by 14% and 5% for
FY23 and FY24, respectively on the back of higher sales and
gross margins; raises target price to A$46.0 from A$44.0
    ** Morningstar lifts JBH's fair value estimate to A$35.50
per share, Jefferies lifts PT to A$39 from A$36
    ** Analysts at Morningstar say JBH's H1 earnings were
"stronger than expected", underpinned by sales growth and
greater operating margins; increases FY23 EPS estimates by 10%
    ** Four of 15 analysts rate the stock "buy" or higher, five
"hold" and six "sell" or lower; their median PT is A$43.54–
Refinitiv data
    ** Stock up 10.9% YTD, as of last close
($1 = 1.4314 Australian dollars)
 (Reporting by Harish Sridharan Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))