0034 GMT - The financial discipline demonstrated by Wesfarmers in shutting down its Catch e-commerce business isn't enough to scare off its bears at UBS. Analysts James Meares and Shaun Cousins see positives from the move, such as the redeployment of digital capabilities to the Australian conglomerate's other retail divisions, but keep a sell rating on the stock on valuation. With Amazon a clear winner in the e-commerce category, Wesfarmers is making a more sound decision in relying on omni-channel operations with store networks and brand-aligned marketplaces, they say, and cite hardware chain Bunnings as an example. UBS raises its target price by 4.5% to A$69.00. Shares are up 1.5% at A$73.95. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 19:34 ET (00:34 GMT)
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