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Metcash's Lack Of Hardware Leg-Down in Wake of Middle East Conflict 'Reassuring,' Jefferies Says

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Metcash's (ASX:MTS) liquor margin rebound was the highlight of its trading update, and the lack of hardware segment leg-down since the start of the conflict in the Middle East is "reassuring," Jefferies said in a note on Monday.

The hardware and tools segment saw revenue growth accelerate to 6.2% in the fiscal second half from 2.5% in the fiscal first half.

The management has proven disciplined on cost and cash flow. Its fiscal year 2026 net profit after tax of AU$268 million to AU$270 million is broadly in line with consensus at AU$268 million. No material impact is expected in the year from higher freight or product costs.

The investment firm upgraded Metcash to a buy from hold and increased the price target to AU$3.50 per share from AU$3.45 per share.

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