Wesfarmers' Mine Expansion Seen as a Positive

Dow Jones09:48

0148 GMT - Wesfarmers' decision to push ahead with its Western Australia lithium mine expansion is positive but not enough to make Macquarie analysts more bullish on the stock. They warn clients that the project still faces long-term risk, not least from volatility in spodumene prices. The analysts write in a note that the Australian conglomerate's project investment represents a meaningful step-up in capital expenditure, and wonder what other projects the industry will now see as viable. Overall, Macquarie sees the stock as fairly priced and reflective of the quality of Wesfarmers' retail chains. Macquarie keeps a neutral rating on the stock and raises its target price by 2.3% to 88.00 Australian dollars. Shares are up 0.2% at A$88.285. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

July 23, 2026 21:48 ET (01:48 GMT)

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The analysts write in a note that the Australian conglomerate's project investment represents a meaningful step-up in capital expenditure, and wonder what other projects the industry will now see as viable. Overall, Macquarie sees the stock as fairly priced and reflective of the quality of Wesfarmers' retail chains. Macquarie keeps a neutral rating on the stock and raises its target price by 2.3% to 88.00 Australian dollars. Shares are up 0.2% at A$88.285. 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They warn clients that the project still faces long-term risk, not least from volatility in spodumene prices. The analysts write in a note that the Australian conglomerate's project investment represents a meaningful step-up in capital expenditure, and wonder what other projects the industry will now see as viable. Overall, Macquarie sees the stock as fairly priced and reflective of the quality of Wesfarmers' retail chains. Macquarie keeps a neutral rating on the stock and raises its target price by 2.3% to 88.00 Australian dollars. Shares are up 0.2% at A$88.285. 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