where is hvn heading, page-13

This little gem from Bloomberg
http://www.bloomberg.com/apps/news?pid=20601081&sid=aLAHgQFC2de4&refer=australia

Harvey Norman Surges by Most in Two Years in Sydney Trading

By Frank Longid

May 15 (Bloomberg) -- Harvey Norman Holdings Ltd., Australia's largest furniture and electronics retailer, surged by the most two years in Sydney trading, gaining 10 percent in two days after UBS AG upgraded the stock.

The retailer rose as much as 7.8 percent to A$4.03 in Sydney, headed for the biggest gain since March 13, 2006. The stock traded at A$4 at 11:49 a.m. local time.

The Sydney-based company's share price dropped 46.7 percent from the start of the year to May 13. That made Harvey Norman ``attractive'' as it continues to win market share from smaller rivals that can't match its buying power and efficiency, UBS analyst Michael Peet said in a report yesterday.

Peet, who previously rated the stock ``neutral,'' said Harvey Norman's share price relative to earnings is at a 28 percent discount to the market.

Analysts at Citigroup Inc. expect Harvey Norman to benefit from measures announced in the Federal government budget last night, including personal income tax cuts and a rebate of as much as A$750 for high school students buying computers.

To contact the reporter on this story: Robert Fenner in Melbourne [email protected]