BUZZ-Citi bullish on Australia's Accent Group due to long-term growth prospects

Reuters11-18

BUZZ-Citi bullish on Australia's Accent Group due to long-term growth prospects

** Citi says Australia's Accent Group AX1.AX is undervalued, citing store openings and strong sales as growth opportunities

** Retains "buy" rating at price target of A$2.57

** Brokerage says footwear retailer's brands like Nude Lucy and Style Runner are performing well, but others like Platypus and Vans may be underperforming, potentially impacting profits

** Says Accent's gross margins may exceed expectations due to online shopping event Click Frenzy timing, but should normalise after Cyber Monday and Christmas sales periods

** Co plans to open over 50 stores in FY25 and has acquired Lacoste and Dickies distribution rights, offset by store closures and divestments

** Citi adds youth consumers' willingness to buy trendy clothing benefits Accent, but tough market conditions could potentially impact gross margin

** All 11 of 11 analysts rate stock as "buy" or higher at PT A$2.43 - LSEG data

** Stock up about 26% YTD, as of the last close

(Reporting by Kumar Tanishk in Bengaluru; Editing by Jamie Freed)

((Tanishk.Kumar@thomsonreuters.com;))

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