0052 GMT - Premier Investments loses its bull at Citi despite the potential for shares to re-rate on successful overseas expansion. Analyst James Wang cuts his recommendation to neutral from buy on the lack of short-term catalysts and chances of some investors selling the stock as Premier distributes the proceeds of its apparel brands divestment. Yet Wang tells clients in a note that there may be plenty of interesting medium-term developments. These include synergies from Premier's agreement with department-store operator Myer, and the rollout of its Peter Alexander and Smiggle brands into new markets. Citi has a A$36.00 target price on the stock, which is up 2.8% at A$34.21. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 30, 2024 20:52 ET (00:52 GMT)
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