PMV – UBS rates the stock as Buy

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First-half results were characterised by good cost control and brand management, UBS observes. However, the broker reduces near-term forecasts by -15-20% to reflect the impact of coronavirus.

The company has begun to close stores in some regions and demand is slowing materially. However, UBS believes Premier Investments is one of the best-place discretionary retailers.

Buy rating maintained. Target is reduced to $18.90 from $20.95.

Sector: Retailing.

Target price is $18.90.Current Price is $11.93. Difference: $6.97 – (brackets indicate current price is over target). If PMV meets the UBS target it will return approximately 37% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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