Woolworths profit to fall for first time in 16 years, says Merrill Lynch

 In Australia, NewZealand, Woolworths
Woolworths’s net profit could fall 1.5 per cent in 2016 and 5 per cent in 2017 – the first fall in underlying profits for about 16 years – according to Bank of America Merrill Lynch.
The broker has gone out on a limb, cutting its price target for Woolworths to $25 from $27 – compared with Wednesday’s close of $30.90 – after downgrading earnings forecasts by 5 per cent to $2.52 billion in 2016 and 13 per cent to $2.39 billion in 2017.
These new forecasts are well below current consensus forecasts of $2.72 billion for 2016 and $2.87 billion for 2017.  Sydney Morning Herald – Read more…

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