City Chic Collective's pre-guided December-half result met Morgan Stanley's forecasts but trading for the first weeks of the June half disappointed by -17%.
Management retained inventory guidance and advised it is on schedule to hit a net cash position by the end of June.
The broker downgrades earnings forecasts.
Equal-weight rating retained. Target price falls to 60c from 70c. Industry view: In line.
Sector: Retailing.
Target price is $0.60.Current Price is $0.48. Difference: $0.12 - (brackets indicate current price is over target). If CCX meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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