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Investing.com - JPMorgan maintained its Overweight rating on Nick Scali Limited (ASX:NCK) while raising its price target to AUD21.50 from AUD19.50 as analyst coverage transfers within the firm.
The furniture retailer’s early Australia and New Zealand trading performance shows positive momentum, with like-for-like written sales increasing 7.2% year-over-year in July, according to JPMorgan’s research note.
JPMorgan cited "encouraging macro relief and improving consumer confidence" as supportive factors for Nick Scali’s business environment, despite what the firm described as a "headline valuation" that "may appear full."
The investment bank expressed optimism about Nick Scali’s United Kingdom (TADAWUL:4280) expansion, noting the company has provided "clear and achievable building blocks towards strong UK profitability beyond 2H26."
JPMorgan sees potential upside to its UK forecasts, which currently project EBIT of negative AUD5 million for fiscal year 2026 and positive AUD3.2 million for fiscal year 2027.
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