Business
Metcash (ASX:MTS) share price down 2.5% despite broker upgrade
The Metcash Limited (ASX: MTS) share price dropped lower today despite an upgrade by analysts at Morgan Stanley. In the latest broker report, Morgan Stanley increased the price target on Metcash from $3.80 to $4.15.
The Metcash share price closed today at $3.46, down 2.5% for the day.
Why the broker upgrade?
According to Morgan Stanley, Metcash’s second half trading to date showed “ongoing tailwinds with its food and liquor division, and increased upside with its hardware pillar”.
The broker said the strong sales was complemented by operating leverage, with hardware sales 5% ahead of expectations, complemented by a 1.40% margin expansion. This reflected a higher contribution from the company’s DIY hardware segments from…
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