0346 GMT - Temple & Webster keeps its bull at Macquarie despite what looks like a slowdown in sales growth at the Australian furniture retailer. The investment bank's analysts tell clients in a note that on-year sales growth appears to have slowed to 18% from 26% at the start of its fiscal year. They lower their forecast for 1H sales growth to 21% from 26%, but point out that the Black Friday and Christmas period is yet to come and likely to prove a significant contributor. The analysts cut their near-term EPS forecasts but roll forward their valuation, driving a 5.0% lift to their target price to A$13.55. Macquarie keeps an outperform rating on the stock, which is down 1.0% at A$12.32. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 28, 2024 23:46 ET (03:46 GMT)
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