2336 GMT - JB Hi-Fi's bulls at Citi open an upside catalyst watch on the stock despite acknowledging that the entertainment retailer's valuation is already somewhat stretched. Citi analysts highlight JB Hi-Fi as the most notable example of stretched valuations among Australian retail stocks, but see potential for continued outperformance on earnings upgrades. They tell clients in a note that household spending capacity is set to rise in fiscal 2025 by more than they had previously forecast. Retail sales growth has already picked up and interest-rate cuts should encourage further spending, they add. Citi raises its target price by 29% to A$110.00 and keeps a buy rating on the stock. Shares are up 3.8% at A$101.755. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 18:36 ET (23:36 GMT)
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