** Analysts at Jefferies raise PT on Australia's Harvey Norman HVN.AX to A$5.85 from A$4.75; upgrade rating to "buy" from "hold"
** Says the discretionary retailer is seeing early benefits from improving demand which is resulting in operational leverage and local margin expansion
** Brokerage sees long-term upside in the stock from its expansion in U.K. and Asia
** Says co has strong property backing and a history of performing well when the consumer cycle turns
** Seven of 12 analysts rate the stock "buy" or higher, three "hold" and two "sell"; their median PT is A$5.40 – LSEG data
** Stock up 11.8% YTD
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Lincoln Feast)
((Rishav.Chatterjee@thomsonreuters.com;))
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