Preliminary 1H earnings (EBIT) and profit for JB Hi-Fi exceeded consensus forecasts by 14.3% and 15.2%, respectively.

Morgan Stanley points out group earnings growth was skewed to JB Hi-Fi Australia (16.7%) and The Good Guys (9.8%), while JB Hi-Fi New Zealand experienced negative growth (-26.5% in local currency).

The Equal-weight rating and $42 target are unchanged. Industry view: In Line.

Sector: Retailing.

Target price is $42.00.Current Price is $46.51. Difference: ($4.51) - (brackets indicate current price is over target). If JBH meets the Morgan Stanley target it will return approximately -11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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