Citi trims TP, earnings estimate for Australia's Michael Hill International
** Citi reduces target price for Michael Hill International MHJ.AX to A$0.57 and maintains "Neutral" rating
** Brokerage reduces FY25 and FY26 EBIT estimates for co by 19% and 28%, respectively
** Brokerage expects co's gross profit (GP) margin to recover in FY25 given - the 2H24 GP margin decline was at least partly due to intentional clearance activity, margin benefit arising from co's refreshed inventory and focus on higher margin products, others
** "Refresh inventory targeting higher margin products, multi-brand strategy to clearly define offering to customers, and a new brand targeting different customer aspirations in trial phase. We think FY25 will be a year that proves these concepts."- Citi
** MHJ posted on Friday FY24 loss of A$479,000 compared to profit of A$35.2 mln ($23.81 mln) in FY23
** Stock has fallen 38.1% this year, as of last close
Reporting by Sherin Sunny in Bengaluru; Editing by Sandra Maler
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