Australia's Accent Group dives to 4-month low as Citi downgrades to "neutral"

Luxxfolio Holdings

25/05/2023 03:33

** Shares of Accent Group  AX1.AX  fall as much as 6.1% to
A$1.915, their lowest level since Jan. 24
    ** The apparel retailer eyes fifth consecutive session of
losses
    ** Citi Research downgrades AX1 to "neutral" from "buy";
lowers target price by 16% to $2.14 
    ** Says weaker foot traffic to Australian retail stores is
likely to adversely impact sales
    ** Says Universal Store Holdings'  UNI.AX  FY23 trading
update suggested sales have slowed in recent months and its
target market is similar to some of AX1's key brands 
    ** UNI's stock down as much as 4.4% to A$3.010 on Thursday
    ** Four of 11 analysts rate AX1 stock "buy" or higher and
seven "hold"; their median PT is A$2.30 – Refinitiv data
    ** AX1 stock up 21.4% this year, as of last close

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com;))