UBS asks investors to sell JB Hi-Fi; lowers PT

JB Hi-Fi

29/07/2024 24:57

** Analysts at UBS lower price target on Australia's JB
Hi-Fi  JBH.AX  to A$59 from A$60
    ** UBS downgrades stock rating to "sell" from "neutral"
    ** Brokerage sees category expansion options to be limited
with the retailer's Australian business mostly reliant on tech
innovations from key suppliers
    ** Lowers earnings estimates for FY24, FY25 and FY26 on
lower New Zealand-based sales
    ** Adds tech and AI initiatives are going to drive sales
growth over a few years and not immediately
    ** Stock has risen 26.9% this year, as of last close 
    

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