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Citi cuts PT, rating for Australia's Reece on potential near-term underperformance

By Reuters News

** Analysts at Citi see Reece's REH.AX main exposures to ANZ repair and remodel and US new construction as relative underperformers

** Brokerage cuts price target to A$16.10 from A$17.00, downgrades rating to "sell" from "neutral" for stock

** Citi says consensus is still expecting growth, but brokerage models a decline in 2H27 earnings for both segments

** Citi adds that elevated investment costs and a soft housing market could trigger near-term downgrades, even as the company signals continued long-term investment

** Stock up 27.8% YTD, as of last close

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