KMD Brands provided FY23 guidance with sales flagged at NZ$1.1bn, while noting trading slowed from the fourth quarter because of softer consumer sentiment and warmer weather in Australia that affected winter trade.

Morgan Stanley believes the risk continues to skew to the downside for FY24 earnings. Equal-weight retained. Target is $1.05. Industry view is In-Line.

Sector: Retailing.

Target price is $1.05.Current Price is $0.89. Difference: $0.16 - (brackets indicate current price is over target). If KMD meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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