Macquarie considers the first half result commendable, with net profit up 8% and ahead of expectations.
Trends have weakened over the half and the absence of any guidance did not surprise the broker as this highlights the volatility in conditions and uncertain outlook.
Hence, the case for a sustained re-rating is difficult to justify and Macquarie maintains a Neutral rating. Target is steady at $5.70.
Sector: Retailing.
Target price is $5.70.Current Price is $5.55. Difference: $0.15 – (brackets indicate current price is over target). If NCK meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
