** Citi cautious on Premier Investments PMV.AX after its retail brand Smiggle's "far worse than expected" performance
** Brokerage cuts price target to A$26 from A$24 but retains "neutral" rating
** Aussie retailer on Friday logged 1H25 net income A$117.05 million, near 34% decline
** Smiggle 1H25 sales down 14.5% compared to last year
** Citi says retail brand Peter Alexander (PA) continues to perform strongly with sales well ahead of expectations and momentum continuing into 2H25
** However, brokerage surprised by extent of start-up losses in UK for PA; now factors in deeper UK losses
** Premier down 10.3% so far this year as of last close
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))
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