Jarden upgrades PT on Australia's Metcash on higher margins

Metcash

18/09/2023 03:55

** Bokerage group Jarden raises price target on Australia's
Metcash  MTS.AX  to A$4.40 from A$4.30 and retains "overweight"
rating 
    ** Says Metcash's FY24 year-to-date margins were better than
last year, leading to the PT upgrade
    ** Food retailer Metcash posted FY24 YTD group sales rise of
1.7%, with margins at 3.24%, 2 basis points higher than 3.22% in
previous year
    ** FY24 YTD total hardware sales increased 3.2% and total
food sales ex-tobacco increased 6%
    ** Jarden says the results were mixed with food weaker,
liquor in line and hardware better vs. consensus estimates 
    ** Metcash stock has risen 0.3% so far
    ** 5 of 11 analysts rate the stock "buy" or higher, 4 "hold"
and 2 "sell"; their median PT is A$4.00 – LSEG data
    ** Stock down 7% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))