2353 GMT - Resilience in Australian home-electrical retailing could help Harvey Norman could beat first-half earnings expectations, Citi analysts reckon. Opening a 90-day upside catalyst watch on the stock, they write in a note that while they understand that clothing and footwear retailers had to sacrifice margin to generate sales, they have not heard of similar concerns in other categories. They anticipate A$192.1 million in first-half Ebit from Australian franchisees, which is about 4% higher than the average analyst forecast. They support this view with an increased fiscal 2025 forecast for household spending capacity. Citi trims its target price on the stock by 5.5% but maintains a buy rating. Shares are up 1.5% at A$4.83. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 18:53 ET (23:53 GMT)
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