Citi increases PT for Australia's Universal Store on better performance
** Analysts at Citi upgrade target price for Universal Store Holdings UNI.AX to A$8.91/shr from A$7.90/shr to "reflect consistent topline execution in a challenging consumer environment"
** Brokerage, however, downgrades FY25-FY27 EPS estimates by 4% to 3% as higher cost of doing business (CODB) offsets better sales for the apparel retailer
** Co reported on Wednesday that CODB of sales was up 1% on underlying cost inflation and investment in team capability for first 17 weeks of FY25
** Brokerage says co leaves some questions unanswered, such as what initiatives UNI would be taking to reduce costs over FY25
** However, Citi says UNI "doing a very good job" at sourcing and merchandising product, translating to strong underlying sales growth and reduced need for lowered prices
** Stock up 88% YTD, as of last close
Reporting by Shivangi Lahiri in Bengaluru
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