Citi, HSBC cut Page Industries target on Q2 FEMA concerns
In short
Citi and HSBC have cut their target price for Page Industries after Q2 FEMA concerns. Management said year-to-date performance is still on track for full-year volume growth, but Citi noted only about 6% volume growth in the first half.
The lower target signals that analysts think the stock may stay under pressure in the near term.
What the reporting says
Citi and HSBC cut their price targets on Page Industries after Q2 FEMA concerns, while management said year-to-date performance remains on track for full-year volume growth. Citi said the weak start to the year, with volume growth of around 6% in the first half, could keep the stock under pressure in the near term. The update points to slower growth expectations for the apparel maker.
Why it matters
Citi and HSBC have lowered their price targets on Page Industries after Q2 FEMA concerns, while management said year-to-date performance remains on track to meet the full-year volume growth target. Citi pointed to weak first-half volume growth of about 6% and said the stock could stay under pressure near term. The note affects investor sentiment around the apparel company.