0155 GMT - Premier Investments' bull at Bell Potter reckons that the Australian retail conglomerate's Peter Alexander unit has maintained its strong sales momentum despite challenges at a group level. Analyst Chami Ratnapala thinks that Premier's softer-than-expected first-half guidance reflects a 10%-12% decline in international sales, which she attributes primarily to the Smiggle stationery business. She lowers her annual profit forecasts by as much as 10% for each of the next three fiscal years, but tells clients in a note that she still rates the stock a buy. Bell Potter cuts its target price by 11% to A$34.00. Shares are down 1.3% at A$27.05. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 14, 2025 20:55 ET (01:55 GMT)
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