** Conglomerate Wesfarmers' WES.AX Bunnings business outlook remains strong despite monetary tightening, inflation and weak construction cycle, says Jefferies

** Brokerage believes that recovery in housing and consumer sectors should drive sales improvement and operating leverage, with additional benefits from retail media, productivity and continued category expansion

** Jefferies also views energy & renewables segment as a "tangible opportunity", specifically in household solar and battery, home EV charging and in-store EV charging networks

** Notes that Bunnings' new Hammer Media platform should provide material margin benefit as revenue scales, although it remains unclear how much will be reinvested in driving better value for consumers

** Maintains "hold" rating; PT of A$75

** Stock up 0.8% YTD

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))