Street View: Earnings view pruned on Wesfarmers after soft FY25 start at hardware unit
** Australia's biggest non-food retail group, Wesfarmers WES.AX, on Thursday flagged sales growth moderating at its top earner Bunnings in the first eight weeks of FY25 vs 2H24
** Apparel-to-lithium conglomerate's FY24 NPAT of A$2.56 bln ($1.74 bln) largely in line with LSEG estimate of A$2.57 bln
** WES closed down 4.1% on Thursday at A$74.06 - the lowest level since Aug. 14
BUNNINGS DISAPPOINTS, LITHIUM BOOST EYED
** Jefferies hikes PT on WES to A$73.00 from A$69.00, retains "hold" rating
** Says it expects "WES to continue to deliver reliable earnings growth, but its valuation is full"
** Forecasts cost of doing business to persist in FY25; trims its earnings view through to FY27
** Citi retains PT of A$61.00 and "sell" rating, cuts its FY25-26 outlook, citing Bunnings' soft start to FY25
** Sees better value in other discretionary names
** Morningstar expects WES's Covalent lithium mine's projected first sale in FY26 to boost the conglomerate's earnings
** LSEG data: One of 15 analysts rate the stock "buy", 10 "hold" and four "sell" or lower; their median PT is A$62.90
** WES up ~30% this year, as of last close
($1 = 1.4715 Australian dollars)
Reporting by Sameer Manekar in Bengaluru
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