MYR - Citi rates the stock as Buy, High Risk
BY BROKER NEWS - 11/03/2010
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• MYR - MYER HOLDINGS LIMITED
Myer's maiden interim result as a re-listed entity did not disappoint, but Citi analysts state it had all to do with cost savings. Hail to the legacy of the private equiteers!
The fact that management acknowledged the prospectus sales forecasts won't be met is not such a big event, the analysts suggest. They point out the miss is only $10m for this year. The Bourke Street redevelopment plus the opening of new stores will now become increasingly important, the analysts point out, and they retain an optimistic view.
Citri analystys expect the shares to rally "once we pass the anniversary of the fiscal stimulus payments". Earnings estimates raised, but only very slightly. Dividend estimates have gone up as well.
Sector: Retailing.
Target price is $4.00.Current Price is $3.44. Difference: $0.56 - (brackets indicate current price is over target). If MYR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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