Macquarie ups PT and earnings view for Australia's JB Hi-Fi; shares hit record high

JB Hi-Fi

13/02/2024 03:08

** Analysts at Macquarie raise price target for Australia's
JB Hi-Fi  JBH.AX  to A$64 from A$55 and maintains "Neutral"
rating 
    ** Raises retailer's earnings estimates for FY24, FY25 and
FY26 by 5%, 2.2% and 3.1% respectively on better-than-expected
margins from The Good Guys 
    ** Shares of co extended gains to rise as much as 6.7%% to a
record high of A$64.65    
    ** Brokerage sees higher demand for larger ticket consumer
discretionary items over 2024 as household prices improve in
Australia 
    ** Consumer electronics retailer reports interim net profit
after tax A$264.3 million on Monday, beating analysts' estimates
    ** About 603,758 shares change hands, compared with the
30-day average volume of 501,975
    **  Three of 13 analysts rate the stock "Buy" or higher,
seven "Hold" and three "Sell" or lower; their median PT is
A$56.19 –– LSEG data
    ** Stock has risen 14.2% this year as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))