Credit Suisse assesses a trading update by Premier Investments was marginally positive and suggests a material uplift in sales will result from the lifting of covid restrictions and store re-openings. The Neutral rating is unchanged and the target falls to $28.71 from $28.74.
The analyst highlights the strength of online sales during lockdowns resulted in a less negative sales impact overall than originally forecast. Sales for the first 17 weeks of FY22 declined -3.5% year-on-year, an improvement on the -9.5% decline in the first 7 weeks.
Sector: Retailing.
Target price is $28.71.Current Price is $29.98. Difference: ($1.27) – (brackets indicate current price is over target). If PMV meets the Credit Suisse target it will return approximately -4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
