2336 GMT - Weakening retail demand appears to be the main driver of Autosports Group's guidance downgrade, Citi analyst Jack Dunn says. He concedes that the vehicle retailer probably experienced a negative impact from industrial action that caused delays at ports, but reckons that excess inventory and weak demand is probably the underlying cause. Dunn writes in a note that the June half is likely to be challenging for Autosports, with the vehicle market yet to bottom and interest-rate cuts yet to eventuate. Citi has a last-published neutral rating and A$2.10 target price on the stock, which is down 5.7% at A$1.65. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 28, 2025 18:36 ET (23:36 GMT)
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