BUZZ -Jefferies raises PT on Australia's Harvey Norman; sees FY25 NPAT growth at 9%

Reuters
08/04
BUZZ -Jefferies raises PT on Australia's <a href="https://laohu8.com/S/HNORF">Harvey Norman</a>; sees FY25 NPAT growth at 9%

** Analysts at Jefferies lift PT on Australia's Harvey Norman HVN.AX to A$6.50 from A$5.85; keep stock rating at "buy"

** Jefferies expects NPAT to rise 9% in FY25, with ~10% H2 growth led by Australian franchising and Asia

** Says channel checks suggest June quarter trading was solid, aided by strength in housing-related categories and operating leverage

** Flags July and August sales trading update expected; early reads suggest softer demand vs June, though cold weather may have lifted heating product sales

** Jefferies says FY25 Australian sales seen up 4.5%, implying H2 growth of 3.2%

** Seven of 11 analysts rate the stock "buy" or higher, three "hold" and one "sell"; their median PT is A$5.80 – according to data compiled by LSEG

** Stock up 24.6% YTD

(Reporting by Rishav Chatterjee in Bengaluru; editing by Diane Craft)

((Rishav.Chatterjee@thomsonreuters.com;))

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