Australia's Nick Scali continues post-earnings rally as Jarden hikes rating

Nick Scali

07/02/2024 03:21

** Australia's Nick Scali  NCK.AX  jump 7.8% to a two-year
high of A$15.09, building on gains in previous session
    ** Stock closed up 16.6% on Tues after the furniture
retailer's HY profit beat estimates
    ** Jarden upgrades stock to "overweight" from "underweight"
and raises price target to A$13.87 from A$10.40
    ** Brokerage also hikes FY25 and FY26 net profit estimates,
citing EBITDA margin improvements
    ** Trading vol nearing 850k shares, well above 30-day avg of
239k and vs 1.2 mln on Tues
    ** Stock's roughly 23% surge in two sessions takes YTD gains
to just over 20%

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