2248 GMT - Costume jewelry retailer Lovisa retains Citi as a bull heading into the Christmas trading season. Analyst Sam Teeger says part of his bullish thesis is an assumption that Lovisa's sales performance will improve compared to a year ago. "We still think this will occur but the benefits we anticipated from Claire's disruption and the Lovisa store refurbishments may take longer than expected," Citi says. Some Claire's stores are closing in the U.S., creating a short-term headwind due to clearance activity, but Citi thinks this will progressively ease. Also, Lovisa's Series 5 store refurbishment program seems to be tracking slower than expected. "But it seems like the speed will increase from here," Citi says. Citi cuts its price target by 9.5% to A$38.45/Share. Lovisa ended last week at A$30.02.(david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 23, 2025 17:48 ET (22:48 GMT)
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