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Citi, Jefferies trim Coles' PT after quarterly sales miss

By Reuters News

** Analysts at Citi lower the price target of Australia's Coles COL.AX to A$22.00 from A$24.00; retains "neutral" rating

** While Jefferies cuts COL's PT to A$24.50 from A$27.50, retains "buy" rating

** Citi cuts Australia's second-largest grocer's FY27 EBIT outlook by nearly 7%

** Coles on Friday posted Q1 group sales revenue of A$11.21 billion ($7.88 billion), missing Visible Alpha's estimate of A$11.31 billion; heightened promotional activity by competitors hurt early Q2 sales

** Factor in some improvement in 2H27 like-for-like sales estimates but expect Coles to lag Woolworths on like-for-like sales for the rest of FY27 - Citi

** Jefferies expects flat H1 Supermarkets EBIT, based on 3.3% sales growth and 22bps EBIT margin contraction

** COL up 1% YTD, as of last close

($1 = 1.4225 Australian dollars)

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