Several brokers have upgraded Harvey Norman on better-than-expected profits and anticipation trading conditions have bottomed.

Goldman Sachs noted that Harvey Norman’s first-half 2013 result of $99.8 million net profit after tax came in above its estimates of $90.7 million. Goldman had previously had a sell rating on the stock on the basis that a continuation in weak trading conditions in the near term would hurt Harvey’s ‘system’ profitability as they continued to support franchisees.


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