Lovisa Gets New Bull Despite Softer Sales Growth -- Market Talk

Dow Jones

2024/11/26

2244 GMT [Dow Jones]--Australia's Lovisa gets a new bull at Bell Potter despite the fashion jewelry retailer's sales falling short of expectations. Analyst Chami Ratnapala tells clients in a note that, while comparable sales growth has recently softened, she expects a modest level of recovery through the remainder of the December half. She points to the fact that Black Friday occurs a day earlier this year, possibly aiding on-year growth. She lowers her target price by 3.2% to A$30.00, but upgrades her recommendation to buy from hold following what she calls a recent share-price correction. The stock is at A$27.85 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 25, 2024 17:47 ET (22:47 GMT)

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