BUZZ-Citi flags operational risks for Australia's Lovisa, shares plunge

Reuters

2024/11/15

Nov 15 (Reuters) - ** Analysts at Citi see risks associated with Lovisa's rapid expansion, and uncertainty regarding the unexpected CEO change

** Shares of the fast fashion retailer drop as much as 3.7% to A$29.12

** Citi maintains "Neutral" rating and PT of A$32, says P/E ratio of 31x does not reflect growth risks

** Brokerage says co needs strong mall traffic, optimal inventory management and management turnover to maintain growth

** Notes LOV's ex-CEO has launched Harli + Harper, a new market entrant, with shareholders believing that it can potentially draw customers away

** Three analysts rate the stock "buy", 10 "hold" and 2 "sell"; their median PT is A$30.53 – LSEG data

** Stock up 19.2% YTD as of the last close

(Reporting by Nichiket Sunil)

((Nichiket.Sunil@thomsonreuters.com;))

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