At first glance, the broker notes
The company has consistently exceeded the broker's expectations over the last 12-18 months, reflecting a strong consumer and solid execution. However, earnings growth in FY22 is increasingly challenging due to lockdowns, lower demand and lower margins.
CEO transition also adds further complexity, the broker notes. Equal-weight retained, target rises to
Industry view: In-Line.
Sector: Retailing.
Target price is
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