SUL – Credit Suisse rates the stock as Neutral

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The company has presented its new strategy, incorporating a digital future. Credit Suisse notes a lot of changes are proposed so the need to successfully execute is high.

The strategy appears to recognise a slower growth trajectory and capital expenditure is revamped accordingly. Any significant expansion of stores appears to be off the agenda, outside of Macpac.

Credit Suisse does not believe investors are pushing for rapid growth and are, therefore, unlikely to be disappointed. Neutral rating and $9.50 target maintained.

Sector: Retailing.

Target price is $9.50.Current Price is $9.75. Difference: ($0.25) – (brackets indicate current price is over target). If SUL meets the Credit Suisse target it will return approximately -3% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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