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Metcash downgraded to Hold from Buy at Jefferies

Jefferies downgraded Metcash (MCSHF) to Hold from Buy with a price target of A$3.40, down from A$4.10. While the firm continues to believe in the long term prospects for Hardware & Tools, conditions are still deteriorating and the earnings trough could deepen, the analyst tells investors following the company’s “disappointing update.”

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