Wesfarmers falls; UBS flags Bunnings as expensive and lithium overhang

WESFARMERS

04/09/2024 03:33

** Shares of Australia's Wesfarmers  WES.AX  fall as much as
2% to A$69.95
    ** Stock hits its lowest since early August
    ** Analysts at UBS think investors continue to pay too much
for the conglomerate's hardware chain, Bunnings
    ** Brokerage retains "Sell" rating on stock and has PT of
A$66
    ** Brokerage says lithium has now become less of a support
for Wesfarmers' chemicals, energy and fertilisers business
reflecting lower underlying prices and mixed customer demand
    ** One of 15 analysts rate the stock "Buy" or higher, seven
"hold" and seven "Sell" or lower; their median PT is A$64.75 –
LSEG data
    ** Stock has risen 25.2% this year as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))