Morgan Stanley notes Premier Investments' first-half operating income guidance at $221-233m not only implies a 75-80% year on year growth but is also ahead of the broker's full-year FY21 operating income forecast of $190m.
While the strong momentum is likely to continue in the near term, Morgan Stanley thinks earnings growth will decelerate in FY22 as conditions normalize.
Equal-weight rating with the target price unchanged at $18.40. Industry view: In-Line.
Target price is $18.40.Current Price is $25.35. Difference: ($6.95) - (brackets indicate current price is over target). If PMV meets the Morgan Stanley target it will return approximately -38% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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