Brokerages upgrade earnings forecasts for Australia's Super Retail on upbeat trading update

SUPER RETAIL

15/01/2024 19:22

** Analysts at Jefferies raise price target for Australia's
Super Retail Group  SUL.AX   to A$11.90 from A$10.30
    ** Jefferies says co's 1H24 revenue up 3.2% to A$2.0 billion
 ($1.33 billion), 0.8% ahead of brokerage's estimate
    ** Citi says co's 1H24 expected profit before tax between
A$200 million and A$203 million is 4% ahead of its estimate
    ** Adds co's better than expected gross margin for 1H24
reflects resilience in household spending and managed
discounting during Christmas 
    ** While Jefferies upgrades earnings forecast by 8.2% in
FY24 and 5% thereafter, Citi upgrades by 3-4% for FY25
    ** Two of 13 analysts rate the stock "buy" or higher, six
"hold" and five "sell" or lower; their median PT is A$14.40 –
LSEG data
    ** Stock gained ~50% in 2023


($1 = 1.5020 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))