2345 GMT - Citi analyst Jack Dunn stays bullish on novated-lease providers Smartgroup and McMillian Shakespeare despite softer December-half vehicle sales in Australia. Pointing to a 5% fall in passenger vehicle and SUV sales, Dunn cuts his forecasts for both providers. He tells clients in a note that falling car prices due to dealer discounts and price competition between EV makers will weigh on company yields. Nonetheless, he still thinks that Smartgroup and McMillan Shakespeare will both report volume growth and keeps a buy rating on both stocks. Citi cuts its target price on Smartgroup 8.1% to A$9.60. Shares are down 0.3% at A$7.745. Citi cuts its target price on McMillan Shakespeare 8.2% to A$18.40. Shares are down 1.4% at A$15.20. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 18:45 ET (23:45 GMT)
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