WES - Macquarie rates the stock as Outperform
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Wesfarmers result was better than feared, the broker notes. Headline profit was below expectations but the earnings decline at Coles was not as bad as expected and the comparables are starting to move forward. Bunnings A&NZ posted another stellar result.
Cash flow was strong despite Bunnings UK&I losses and management will consider capital management once the Curragh mine sales has settled. On improving trends in Coles, and a 19% forecast total shareholder return, the broker retains Outperform. Target rises to $46.30 from $43.92.
Sector: Food & Staples Retailing.
Target price is $46.30.Current Price is $41.99. Difference: $4.31 - (brackets indicate current price is over target). If WES meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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