0022 GMT - Wesfarmers's share price has held up well relative to other discretionary retailers since January, and this has changed Macquarie's view of the stock. "With lack of valuation support and no near-term catalyst driving additional earnings upside, we downgrade to neutral," from outperform, says Macquarie. Wesfarmers held its investor day on Wednesday. Macquarie was impressed, noting the quality of its businesses and strategy was in evidence again. It expects Bunnings and Kmart will continue to drive returns for the group. It also highlights positive signals in Wesfarmers's heath and lithium businesses. Wesfarmers is down 0.3% at A$83.15, versus Macquarie's A$85.00/share price target. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

June 10, 2026 20:22 ET (00:22 GMT)

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