Accent Group's FY21 results outpaced the broker by 10% but Morgan Stanley notes lockdowns are hurting the company, which reports  a fall in like-for-like sales of -16% in the first 7 weeks of FY22.

Key metrics were strong across the board and no earnings guidance was issued.

Target price is steady at $2.80. Equal-weight rating is retained. Industry view: In line.

Sector: Retailing.

Target price is $2.80.Current Price is $2.34. Difference: $0.46 - (brackets indicate current price is over target). If AX1 meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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