BBG 0.00% $1.05 billabong international limited

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  1. Yak
    13,672 Posts.
    For those that are following

    Billabong International Recommendation change
    Billabong’s largest customer, US retailer Pacific Sunwear, announced sales for July of
    US$83.7m, up 24.0% on the previous corresponding period. Same store sales grew 14.4%.
    This was another month of very strong sales growth for Pacific Sunwear, underlining the
    current strength of the surfwear category in the US. We are forecasting 2004 financial year US
    sales growth for Billabong of 25% in originating currency, 10% after translating to A$.
    Early last week we reduced our short term recommendation on Billabong to Hold. Since then,
    the stock had fallen more than 8%. Therefore, with a $7.00 per share valuation, we have lifted
    our short term recommendation back to Buy. The US surfwear market clearly remains strong,
    which s hould address investor concerns regarding the growth momentum for this market.
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