Harvey Norman Looks Fairly Valued for Sales Outlook -- Market Talk

Dow Jones

2024/11/28

0335 GMT - Harvey Norman's stock price has caught up with where UBS analysts think it should be given the uncertain outlook for Australian consumer sales. They make only modest changes to their earnings forecasts following the appliance and homeware retailer's latest trading update, but lower their recommendation to neutral from buy. They tell clients in a note that the sales-growth acceleration they had anticipated due to an undemanding prior period has played out, and they are less bullish on the sales outlook from here. UBS keeps a A$5.00 target price on the stock, which is down 1.4% at A$4.83. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 27, 2024 22:35 ET (03:35 GMT)

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