AX1 – UBS rates the stock as Buy
UBS initiates coverage on Accent Group with a Buy rating and a $3 target price.
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Accent Group Limited (formerly RCG Corporation Limited) is the regional leader in the retail and distribution of performance and lifestyle footwear, with over 420 stores across 10 different retail banners and exclusive distribution rights for 10 international brands across Australia and New Zealand. Our brands include: The Athlete’s Foot, Hype DC, Platypus Shoes, Skechers, Merrell, CAT, Vans, Dr. Martens, Saucony, Timberland, Sperry Top-Sider, Palladium, and Stance.
Every brand that now falls under the umbrella of Accent Group delivers its own unique presence to the retail sector:
UBS initiates coverage on Accent Group with a Buy rating and a $3 target price.
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Neutral retained, the target rises to $2.99 from $2.14 due to to earnings revisions, higher multiples and a roll forward of valuation measures.
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The target price is increased to $2.85 from 2.55 and the Hold rating is unchanged.
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Shares in shoe retailer Accent Group ended the week up 6.5% after it revealed a sharp upgrade to December half year revenue and earnings which puts it on track to surpass 2019-20’s full year figures.
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Accent Group is rolling out new stores with unrelenting enthusiasm while its new formats offer options for the longer term
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As a result of recent vaccine developments, Morgans lowers multiples (while largely leaving earnings unchanged) for those stocks likely to suffer from a return to some sense of normality (redirection of spend).
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One day after lauding Accent Group's operational excellence, Citi analysts have decided it's time to downgrade to Neutral from Buy. The move has been inspired by the share price rally, in combination with potential downside from the coronavirus spreading.
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Sneakers are back in fashion, as well as other types of footwear (boots, canvas, pumps etc) or so it seems from the 2017-18 results from Accent Group which boosted full-year profit more than 50% to $44 million, thanks to strong online sales growth and new stores boosting the bottom line.
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