0322 GMT - Premier Investments needs to improve momentum at its Smiggle stationery business if its shares are to secure a material rerate, Jarden analysts say. They tell clients in a note that Premier remains a well-run, resilient business, and see a lot to like in its proposed sale of its apparel brands to department-store operator Myer. The analysts reckon that closer ties with Myer should help expand distribution of Premier's remaining Smiggle and Peter Alexander sleepwear products. But they want to see Smiggle's recent sales weakness addressed and the outcome of its expansion to the U.K. Jarden keeps a neutral rating and A$29.50 target price on Premier shares, which are down 1.8% at A$33.34. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 29, 2024 23:22 ET (03:22 GMT)
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