Metcash's Food Business Faces Structural Headwinds -- Market Talk

Dow Jones04-04

0102 GMT - Metcash's hardware division looks well positioned to Morgan Stanley analysts, but they see structural headwinds facing the supermarket supplier's food unit. Initiating coverage of the stock with an equal-weight rating, the MS analysts write in a note that they are positive on the underlying growth profile of Metcash's Total Tools business and opportunities for further sector consolidation. Yet they think that supply chain and digital investments by major supermarket rivals Woolworths and Coles mean Metcash is less likely to be able to generate efficiency gains. MS puts a A$4.15 target price on the stock, which is up 0.5% at A$3.90. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 03, 2024 21:02 ET (01:02 GMT)

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