0134 GMT - JB Hi-Fi shares' recent retreat from a record secures the Australian entertainment retailer a new bull at Bell Potter. Analyst Chami Ratnapala raises her recommendation to buy from hold, with the stock having retreated 16% between early February and the end of Monday's session. She makes no changes to her forecasts, but tells clients in a note that she expects JB Hi-Fi's 3Q trading update will show sales growth close to the level seen early in the period. She acknowledges headwinds from a weak Australian dollar, economic uncertainty and promotional activity, but sees further central-bank rate cuts supporting consumer demand from next month. Bell Potter keeps a A$99.00 target price on the stock, which is up 5.5% at A$95.32. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 09, 2025 21:34 ET (01:34 GMT)
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