UBS lifts PT on Australia's JB Hi-Fi after sales growth 'moderation'

JB Hi-Fi

03/05/2023 03:38

** Brokerage UBS lifts its price target on Aussie
electronics retailer JB Hi-Fi  JBH.AX  after sales growth
moderates, but "not as bad as feared"
    ** JBH reported Q3 comparable sales in Australia down 0.1%,
total sales up 0.8% 
    ** UBS says "there has been a moderation, but arguably not
as bad as feared" 
    ** Brokerage raises earnings per share expectations by 6%
for FY23 and FY24 as the slowdown is deferred and less than
expected 
    ** Adds market share gains in Australia bode well for its
growth, says it is confident in the cost focus 
    ** PT rises to A$47.50 from A$46.00, 'neutral' rating
maintained 
    ** JBH last seen 0.3% higher at A$44.75 as of 0227 GMT
    ** Stock up 6.3% YTD as of last close 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))