0013 GMT - Temple & Webster's new bears at UBS admit they might be wrong to say that the Australian furniture retailer's shares are due to fall. UBS analysts cut their rating on the stock to sell from neutral on what they say was an overdone positive price reaction to a decent first-half result and slightly softer-than-expected start to the June half. They write in a note that they cannot justify Temple & Webster's elevated revenue multiple relative to its peers. That said, they admit that investors may be more interested in price momentum than valuation metrics. They also acknowledge the company's strong balance sheet and the potential for interest-rate cuts to stimulate consumer demand. UBS lifts its target price on the stock by 31% to A$15.50. Shares are down 0.9% at A$17.88. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 16, 2025 19:13 ET (00:13 GMT)
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