2142 GMT - Jefferies is less bullish about Lovisa's store rollout plans. Analyst John Campbell cuts expectations for Lovisa's footprint across FY 2025-2027, driving a 9.7% drop in the bank's price target to A$28.00/share. Jefferies now expects 79 net stores additions in the current year, down from 114. It highlights that finding quality store locations at the right rent is a constraint on Lovisa's growth. "Positively, Lovisa isn't opening stores just to meet expectations and we believe store economics are unchanged," says Jefferies. "But medium term, the only option is to accept lower store growth." Lovisa ended last week at A$27.19. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 24, 2024 16:42 ET (21:42 GMT)
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