Citi cuts rating, PT for Michael Hill on greater-than-expected sales slowdown

Michael Hill International

01/06/2023 23:56

** Analysts at Citi cut price target on jewellery retailer
Michael Hill International Ltd  MHJ.AX  to A$0.91 from A$1.28 to
reflect a greater-than-expected slowdown in sales
    ** Brokerage also downgrades MHJ to "neutral" from "buy"
    ** Group sales went from positive growth over Jan/Feb 2023
to at least mid-single digit declines since - Citi
    ** "We need to see evidence that the macro risks are
bottoming before turning more positive on the stock," says
brokerage 
    ** All the 3 analysts rate stock "buy" or higher; median PT
is A$1.28 – Refinitiv
    ** Stock down 14.1% YTD, as of last close

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))