Macquarie upgrades Australia's JB Hi-Fi to 'neutral' on strong Christmas sales

JB Hi-Fi

09/01/2024 23:47

** Analysts at Macquarie see higher full-year sales and
earnings for Australia's JB Hi-Fi  JBH.AX  on
higher-than-expected Christmas trading volumes
    ** Brokerage upgrades electronics retailer to "neutral" and
raises price target to A$55.00 from A$45.00
    ** JBH shares rise as much as 0.7% to A$54.150, their
highest in a week, and set to record third straight gain
    ** Brokerage says JBH sales have been stable post-COVID,
while budgets have tightened, highlighting category resilience
    ** Adds co's cost structure protects it from online
competition, which has impacted its offshore peers
    ** "JBH is well placed to benefit if consumer discretionary
spending begins to recover" - Macquarie
    ** Three of 13 analysts rate the stock "buy" or higher, four
"hold" and six "sell" or lower; their median PT is A$45.00 –
LSEG data
    ** JBH stock rose 26.4% last year

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