Citi lifts Michael Hill EPS outlook, PT after trading update

Michael Hill International

25/10/2022 18:47

** Citi boosts PT on Australia's Michael Hill International
 MHJ.AX  by 11% to A$1.65, rates "Buy" 
    ** Brokerage upgrades the jewellery retailer's FY23 EPS by
28%, reflecting the "better-than-expected" AGM trading update
    ** Citi, however, says their forecast conservatively imply
broadly flat sales growth over the remaining 10 weeks of the
first half of fiscal 2023 as well as 2H23
    ** Warns the risk of consumer downturn, despite the 28% jump
in sales growth in 1H23
    ** Two of three analysts rate the stock "buy" or higher and
one "hold"; their median PT is A$1.48 – Refinitiv data
    ** Stock has fallen 15.9% this year, as of last close
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))