UBS asks investors to sell JB Hi-Fi; lowers PT
** Analysts at UBS lower price target on Australia's JB Hi-Fi JBH.AX to A$59 from A$60
** UBS downgrades stock rating to "sell" from "neutral"
** Brokerage sees category expansion options to be limited with the retailer's Australian business mostly reliant on tech innovations from key suppliers
** Lowers earnings estimates for FY24, FY25 and FY26 on lower New Zealand-based sales
** Adds tech and AI initiatives are going to drive sales growth over a few years and not immediately
** Stock has risen 26.9% this year, as of last close
Reporting by Rishav Chatterjee in Bengaluru
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