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Peet Makes 'Meaningful Positive Upgrade' to Fiscal 2026 Profit Outlook, Euroz Hartleys Says; Shares Rise 9%

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Peet's (ASX:PPC) increased earnings guidance "is a meaningful positive upgrade" that reflects a continuation of strong operating performance and sustained demand in important markets, Euroz Hartleys said in a Thursday note.

The company raised its fiscal year 2026 net profit after tax guidance to between AU$98 million and AU$100 million from a previous range of AU$86 million to AU$90 million, representing growth of 67% to 71% from fiscal year 2025.

The upgrade puts Peet materially ahead of Euroz Hartleys' AU$87.2 million forecast, which the equity research firm is now reviewing.

Peet is also targeting further growth in fiscal year 2027 amid a more cautious macro backdrop, including interest rate hikes, inflation, and cost-of-living pressures. Australia's structural housing shortfall has not been resolved yet, and the company "remains well positioned to deliver into tight supply" in regions like Western Australia and Queensland, Euroz Hartleys said.

It maintained a buy recommendation on Peet with an under-review target price of AU$2.76 per share.

Peet shares advanced 9% in recent Thursday trade.

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