Super Retail's trading update for the first 16 weeks of FY24, showing like-for-like sales growth of 2%, was only slightly in advance of Morgan Stanley's forecast.

Compared to the first six weeks of trading, the 16-week period shows an acceleration in sales growth across all divisions, observe the analysts. Strength in the Auto maintenance category boosted Super Cheap Auto's sales by 4%.

No specific FY24 guidance was provided.

The Equal-weight rating and $11.50 target are unchanged. Industry view is In-Line.

Sector: Retailing.

Target price is $11.50.Current Price is $12.70. Difference: ($1.20) - (brackets indicate current price is over target). If SUL meets the Morgan Stanley target it will return approximately -10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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