First half results for
As the company has missed earnings expectations several times, the broker lacks confidence medium-term targets can be achieved. The near-term outlook for the Kathmandu brand is considered challenging due to past execution issues and a more competitive backdrop.
The Equal-weight rating is retained but the target falls to 55c from 80c. The broker sets a target multiple at a circa -30-40% discount to its five year average. Industry view is In-Line.
Sector: Retailing.
Target price is
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