Woolworths' bull at Macquarie thinks that the Australian supermarketoperator's domestic food division performed pretty well in 3Q considering the costs oftrying to recover lost market share. An analyst note from the investment bank points outthat 3.0% on year growth in Australian food sales was higher than the average analystforecast of 1.9%, signaling some recovery from the pre-Christmas hit of strikes at someof its distribution centers. Less positive are the widening losses at Woolworths' budgetdepartment stores, where Macquarie calls out management commentary on challengingclothing sales and a reliance on clearance items. Macquarie has an outperform rating andA$30.80 target price on the stock, which is up 0.4% at A$31.71.
WOW Price at posting:
$31.75 Sentiment: Buy Disclosure: Held
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