In the wake of Premier Investments' first-half record profits, Morgan Stanley expects near-term momentum is likely to continue into the second half.
The broker assesses the material beat was largely driven by a robust consumer environment and online sales increasing 60% year-on-year.
While Morgan Stanley lifts EPS forecasts by 19-53% for FY21-23, the broker believes the prospect of negative EPS growth in FY22 is likely.
Equal-weight rating with the target price increased to $24 from $18.40. Industry view: In-Line.
Target price is $24.00.Current Price is $23.50. Difference: $0.50 - (brackets indicate current price is over target). If PMV meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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