** Shares of Australia's Nick Scali NCK.AX rise 0.7% to A$18.87

** Analysts at Jefferies begin coverage on the consumer firm with a "buy" rating and a PT of A$21

** PT reflects a 12% upside to stock's last closing price

** Jefferies says co is a leading furniture retailer with long-term growth opportunities in both the UK and ANZ

** Brokerage flags that co remains well-positioned to weather any interest rate cuts, which should back higher consumer confidence and house prices

** Says co has a track record of delivering gross margin expansion in ANZ, which is expected to be seen in the UK as well

** We see more upside from expanding proven model in both ANZ and the UK - Jefferies

** NCK stock up 25.7%, YTD

(Reporting by Rishav Chatterjee in Bengaluru)

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