Ann: Results review two months ended 30 September 2020, page-8

Anyone got any broker upgrades?

Commsec has this from Goldman:

NUF’s stub result points to a healthy start to FY21, with all regions
posting revenue growth in October and management noting
performance improvement efforts remain on track. As detailed in
our post results note (link), execution is likely to remain the primary
driver of stock performance, particularly for the European segment.
While significant lifting remains to be done here, NUF’s disclosed
-A$2mn of EU SG&A savings in the stub period is an encouraging
step (run rate equivalent to a ~2% reduction in FY20 segment
expenses). Our views remain largely unchanged on today’s
update, and we remain Buy rated.
We make minimal estimate changes (c.1% FY21/22/23E EBITDA) on
today’s update and slightly raise our 12-month target price to A$5.40
(A$5.30 prior).