Australia's Nick Scali set for worst week in 5 months after Citi trims PT

Nick Scali

24/11/2023 24:59

(Updates with share move and weekly milestone)
    ** Shares of Nick Scali  NCK.AX  down as much as 2% to
A$10.88, set for their worst week since May 26, if losses hold
    ** Analysts at Citi downgrade rating on Australian furniture
retailer to "neutral" from "buy", trim PT to A$11.57 from
A$13.35 
    ** Citi says the unexpected sale of 42% of CEO/major
shareholder's stake has created some uncertainty for co
    ** Brokerage, however, says many of NCK's fundamentals
appear to remain attractive
    ** Citi says attractive fundamentals include long duration
roll out opportunities for Nick Scali and Plush stores and
potential for further M&A
    ** Four of six analysts rate the stock "buy" or higher, one
"hold" and one "sell"; their median PT is A$12.98 - LSEG data
    ** As of last close, stock up 1.9% this year

 (Reporting by Himanshi Akhand in Bengaluru; editing by Diane
Craft)
 ((Himanshi.Akhand@thomsonreuters.com;))