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Money JB Hi-Fi Limited shares storm higher on broker upgrade

01:19  12 january  2018
01:19  12 january  2018 Source:   fool.com

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Why are its shares higher today? With no news out of the company, today’s gain is likely to be attributable to the release of a positive broker note out of investment bank Morgan Stanley. According to the note, the broker has upgraded JB Hi - Fi to an overweight rating and placed it into its model

JB Hi - Fi Limited shares storm higher on broker upgrade The JB Hi - Fi Limited (ASX:JBH) share price has been a big mover on Thursday after a broker upgrade . Here's what you need to know… www.fool.com.au/…1/ jb - hi - fi - limited - shares - storm

  JB Hi-Fi Limited shares storm higher on broker upgrade © Julian Smith/AAP Image One of the best performers on the market today has been the JB Hi-Fi Limited (ASX: JBH) share price.

In morning trade the retailer’s shares are up 4.5% to $27.99 despite the market sinking notably lower.

With no news out of the company, today’s gain is likely to be attributable to the release of a positive broker note out of investment bank Morgan Stanley.

According to the note, the broker has upgraded JB Hi-Fi to an overweight rating and placed it into its model portfolio in place of Aconex Ltd, which is currently subject to a takeover offer from Oracle.

Furthermore, the broker has lifted its price target on the company’s shares to a lofty $32.00. Even after today’s strong gain this still implies potential upside of over 14% for its shares.

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The JB Hi - Fi Limited (ASX:JBH) share price has been a big mover on Thursday after a broker upgrade . Here’s what you need to know…In morning trade the retailer’s shares are up 4.5% to .99 despite the market sinking notably lower.

JB Hi - Fi Limited shares storm higher on broker upgrade The JB Hi - Fi Limited (ASX:JBH) share price has been a big mover on Thursday after a broker upgrade . Here's what you need to know…

Its analysts have made the move on “the expectation of solid trading and upside to earnings post-interim results”.

Investors appear to think that rival Harvey Norman Holdings Limited may also be in the same boat. Its shares have managed to push higher today as well.

While JB Hi-Fi may provide some short-term gains if Christmas trading proves to be better than first feared, I certainly wouldn’t be a long-term holder of its shares.

The Amazon launch may have underwhelmed, but it is still very early days. The Australian site currently only has a fraction of the products available on its US site and lacks the popular Amazon Prime option.

But Amazon Prime is coming soon and I think Amazon’s assortment will grow significantly over the next couple of years. This could prove to be a big challenge for JB Hi-Fi and not one I’m willing to go along for the ride with.

ANZ, regulator settle on suspected frauds affecting Esanda customers .
Australia and New Zealand Banking Group (ANZ.AX) said on Thursday it has reached a settlement with Australia's corporate regulator over suspected third party fraud and has agreed to pay a A$5 million ($4 million) fine. The matter related to a number of cases where car finance brokers engaged in suspected fraud when submitting loan applications on behalf of customers to its former unit Esanda between 2013 and 2015. ANZ said it has agreed to the fine as part of the settlement with the Australian Securities and Investments Commission.

Source: http://au.pressfrom.com/news/money/-51917-jb-hi-fi-limited-shares-storm-higher-on-broker-upgrade/

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