Citi analysts flag concerns over Michael Hill's trading environment

Michael Hill International

21/07/2024 22:15

** Analysts at Citi downbeat on Australia's Michael Hill
International's  MHJ.AX  trading environment
    ** "Business is grappling with a difficult trading
environment in midst of rebranding its business" - Citi
    ** Brokerage says co's pre-reported FY24 revenue to be A$641
million ($428.51 million) is 3% below Citi's estimates
    ** Citi cuts its FY24 EBIT forecast by 23%
    ** Remains "neutral" on co with target price of A$0.66 per
share
    ** Two of five analysts rate the stock "buy" or higher,
three "hold"; their median PT is A$1.30 – LSEG data
    ** Stock is down over 6% this year, as of last close

($1 = 1.4959 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))