2144 GMT - Investors should position themselves for interest-rate cuts in Australia, says Bell Potter. It anticipates a rotation away from Wesfarmers, which looks expensive compared to mid-cap and small-cap stocks. Improving consumer confidence can drive more discretionary spending on products such as clothing and electronics, strategist Rob Crookston says. "While Wesfarmers has benefited from consumers trading down in the current high-interest rate environment, this trend will likely reverse as household balance sheets strengthen," Bell Potter says. It thinks consensus earnings forecasts for retailers such as JB Hi-Fi, Premier Investments and Eagers Automotive look too conservative. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 22, 2024 17:44 ET (21:44 GMT)
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