2242 GMT - Premier Investments' weaker-than-expected guidance caught Goldman Sachs analysts by surprise even though they were already cautious on the Australian retailer's apparel operation. Analysts Lisa Deng and James Leigh lower their annual Ebit forecast for Premier's Peter Alexander sleepwear brand by 12%, and for its Smiggle stationery chain by 23%. They tell clients in a note that the disappointing outlook for both signals a loss of operating leverage, and leaves them wondering whether the change is cyclical or structural. There is potential for further deleverage if sales are not restored, they add. Goldman Sachs cuts its target price on the stock 14% to A$27.85 and maintains a neutral rating. Shares are at A$27.78 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 17:42 ET (22:42 GMT)
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