Bell Potter ups PT for Australia's Premier Investment on post-demerger benefits

Myer Holdings

01/11/2024 24:47

** Analysts at Bell Potter raise PT for Premier Investments
 PMV.AX  to A$38 from A$34; maintain "buy" rating
    ** Retail fashion firm said earlier this week it will sell
its apparels business earlier this week to Australian department
store owner Myer  MYR.AX  for A$863.8 mln ($568.03 mln)
    ** Brokerage notes PMV will retain higher margin Smiggle and
Peter Alexander (PA) earnings base post demerger and continues
to see upside to PT from potential re-rate
    ** Apart from the higher growth profile of post-demerger
Premier retail, we think the PA brand, which is about to
commence offshore expansion and a potential 10-store
opportunity, will be further incremental — Macquarie
    ** Shares of PMV set to log 7.1% weekly gain, its best
performance since mid-August    
    ** Five of 11 analysts rate the stock "buy" or higher and 6
"hold"; their median PT is A$32.89 — data compiled by LSEG


($1 = 1.5207 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com))