AX1 – Citi rates the stock as Downgrade to Neutral from Buy

One day after lauding Accent Group’s operational excellence, Citi analysts have decided it’s time to downgrade to Neutral from Buy. The move has been inspired by the share price rally, in combination with potential downside from the coronavirus spreading.

Earnings estimates have been increased, with the price target lifting to $2.04 from $1.95. Citi maintains the view this is one of the most innovative retailers under coverage.

Sector: Retailing.

Target price is $2.04.Current Price is $2.13. Difference: ($0.09) – (brackets indicate current price is over target). If AX1 meets the Citi target it will return approximately -4% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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