Wesfarmers (ASX:WES) is tracking in line with its strategy, with continued focus on customer value and shareholder returns as it deploys artificial intelligence across its divisions, Jefferies said in a note on Wednesday.

The investment firm said the lack of sales commentary from the company indicates it is trading comfortably within consensus expectations.

Accelerated investments, especially in data, digital and productivity initiatives are projected to result in "better growth," with opportunities in its WesCEF unit to use AI to boost production and margins, alongside broader AI adoption in its retail businesses.

Jefferies said Wesfarmers' management appears confident in hardware chain Bunnings' sales growth despite macroeconomic pressures, supported by expansion into new categories such as rural, camping and lifestyle products, increased demand for repairs and maintenance if housing turnover slows, and network growth.

The brokerage maintained its hold rating but raised price target to AU$73 from AU$72.