Macquarie took a meat cleaver to its Lovisa rating today - LOV was down by 4% early on Wednesday
- Downgraded to Neutral from Outperform
- The price target was lowered to $22.00 from $35.70.
Commentary
"Macquarie assesses a tough macro outlook will drive margin pressure for Lovisa Holdings, noting Australasian consumers have come under pressure over the June quarter and this has persisted into the early part of the first half of FY24. Offshore markets, meanwhile, have been vulnerable for longer. While explicitly accounting for this in sales forecasts Macquarie remains cautious about the short-term and notes scope for weak outlook commentary at the upcoming results.Industry feedback suggests elevated promotional activity in recent months. Rating is downgraded to Neutral from Outperform and the target lowered to $22.00 from $35.70."
Macquarie Price Downgrade
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Last
$30.92 |
Change
-0.820(2.58%) |
Mkt cap ! $3.391B | |||
| Open | High | Low | Value | Volume |
| $31.01 | $31.17 | $30.72 | $3.754M | 121.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 612 | $30.84 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $30.93 | 637 | 2 |
View Market Depth
| Last trade - 16.10pm 01/05/2024 (20 minute delay) ? |
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Last
$30.96 |
Change
-0.820 ( 2.71 %) |
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| Open | High | Low | Volume | ||
| $31.12 | $31.17 | $30.72 | 15391 | ||
| Last updated 15.59pm 01/05/2024 ? | |||||
| LOV (ASX) Chart |