Macquarie slashes PT on Australia's Premier Investments; shares drop

Analysts at Macquarie slash PT on Australia's Premier Investments PMV.AX by 25.5% to A$21.61; maintain "neutral" rating on stock

Shares in PMV drop 1.1% to A$21.08

Macquarie lowers PT, driven by removal of company's apparel brands and stake in Myer Holdings MYR.AX

Myer is currently in a transaction, which will see the department store owner buying PMV's apparel brands business for around A$863.8 mln ($546.09 mln)

Brokerage, owing to the removal of apparel brands, lowers earnings estimates on PMV by 12.3%, 24.3% and 25.6% over the next three years

Brokerage continues to expect PMV's customers to be impacted by cost of living pressures, affecting sales growth

Remains cautious on the stock under the current operating environment

Stock down 12.5% YTD

($1 = 1.5818 Australian dollars)