2332 GMT - The incentives offered to Lovisa's new CEO help support confidence that the Australian jewelry retailer can accelerate earnings growth, Macquarie analysts say. They tell clients in a note that John Cheston will have strong motivation to deliver annual earnings growth above 18% once he arrives. They forecast 20% Ebit growth in both FY 2026 and 2027, compared with 14% in the final fiscal year before Cheston starts work. Even without this growth, the Macquarie analysts see benefits to the appointment. Cheston's remuneration is lower than that of his predecessor, which they say will help expand Ebit margins. Macquarie cuts its target price 2.8% to A$34.10 but keeps an outperform rating on the stock, which is down 7.2% at A$27.00. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 17, 2024 18:32 ET (23:32 GMT)
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