Morgan Stanley cuts PT on KMD Brands after trading update

KMD Brands

18/07/2023 05:34

** Morgan Stanley lowers PT for KMD Brands Ltd  KMD.NZ 
after its full-year trading update
    ** Co on July 12 said it expects to log about NZ$1.10
bln($697.51 mln) in sales for FY23 
    ** Brokerage cuts EBITDA forecast for FY23 to NZ$107 mln
from NZ$137 mln and for FY24 to NZ$123 mln from NZ$157 mln 
    ** Also cuts price target to A$0.90/sh from A$1.05
    ** Maintains "Equal-weight" rating as it sees benefits to
company if it can execute on their targets
    ** However, we think the near-term remains challenging given
the uncertain macro backdrop - MS 
    ** KMD shares are up 0.6% so far at A$0.89 
    ** YTD, stock is down 8.3% in the year 

($1 = 1.5770 New Zealand dollars)

 (Reporting by Poonam Behura)
 ((Poonam.Behura@thomsonreuters.com;))