** Citi predicts risks and uncertainties for Australian retail billionaire Solomon Lew's Premier Investments PMV.AX post the demerger of its apparel brands

** PMV last month transferred its apparel brands to 125-year-old Myer Holdings MYR.AX in exchange of stake in MYR, leaving it with sleepwear designer brand Peter Alexander (PA) and school essentials brand Smiggle

** PMV also owns a 25% stake kitchen appliances maker Breville Group BRG.AX

** Citi says biggest concern is over PA growth and cost blowout; adds risks have risen for PA growth post 1H25

** Brokerage cuts earnings view post demerger of apparel brands; FY25 core net profit view cut by 15.7% to A$196.8 mln ($121.19 mln), FY26 view slashed by 26% to A$182.8 mln; PMV earned A$257.9 mln in FY24

** Citi hikes PT to A$26.00 from A$22.74, retains "neutral" rating; PMV closed at A$23.88 on Friday

** Five of 12 analysts rate PMV "buy" or higher, while seven rate it "hold"; their median PT is A$29.98 – LSEG data

** PMV down 2% this year, as of last close

($1 = 1.6239 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft)

((Sameer.Manekar@thomsonreuters.com;))