2139 GMT - Costumer jewelry retailer Lovisa has a new bear in Citi, partly because the expansion of its store network is happening at a slower pace than expected. Fewer new stores impacts Lovisa's EPS growth, analyst Sam Teeger says. Also, Citi believes the competitive risk from Harli & Harper is greater than it thought with a second new store now open. Other reasons to turn bearish are heightened uncertainty as a result of Lovisa's CEO transition and concerns that the company has relaxed its site selection criteria in certain overseas markets. Citi downgrades Lovisa to sell, from neutral. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 17, 2024 16:39 ET (21:39 GMT)
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