Australia's Nick Scali hits record high as Citi upbeat on domestic business
Shares of Nick Scali NCK.AX rise 1.7% to a lifetime high of A$19.54
Stock eyes strongest trading session since May 20, if gains hold
Citi sees housing conditions improving in Australia beyond the next six months, which should drive top-line growth and operating leverage for Nick Scali
Brokerage also sees further upside for the home furnishing retailer if co can resettle its store rollout pace to what it was able to achieve previously
Citi notes Nick Scali averaged about five net new stores per year in the five years to FY19
Citi also expects the market to look through any short-term risk to co's 2H25 earnings, on the back of weak January 2025 ANZ orders and the fact that housing recovery seems to be taking a little longer than expected
Brokerage reiterates "buy" call with PT of A$20.64
Nick Scali up 28.1% so far this year, as of last close
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