0013 GMT - Premier Investments' bulls at Morgan Stanley see the Australian retailer's challenges as structural rather than cyclical. The investment bank's analysts tell clients in a note that Premier's fiscal first half has been more challenging than they had anticipated, but that they stay overweight on the stock. Supporting factors include growth optionality, catalysts from the demerger of its apparel brands, its strong balance sheet, track record and what they see as cyclical tailwinds. Little of this is factored into Premier's share price, they say. MS cuts its target price by 5.1% to A$37.50. Shares are down 4.1% at A$26.64. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 19:13 ET (00:13 GMT)
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