Australia's Premier Investments hits 2-year low as Citi cuts outlook, PT on Smiggle brand drag

Premier Investments

07/12/2025 23:38

** Shares of Premier Investments fall as much as 1.7% to A$14.96 in early trade, its lowest since late July 2023

** Citi trims price target and cuts outlook on the retailer, citing heightened uncertainty around stationery brand Smiggle's earnings, among others

** Brokerage cuts retail EBIT forecasts by about 13% for FY26 and 9 - 11% for FY27 - 28; Trims price target to A$16.70 while keeping "Neutral" rating

** Says cuts largely reflect slimmer Smiggle margins given operating deleverage from weak sales

** Stock down 38.2% YTD, including the day's moves

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))