MARKETS SPECTATOR: JB Hi-Fi erosion

Bank of America Merrill Lynch now expects persistent margin pressure on JB Hi-Fi and sees little option for the group but reduced pricing.

Bank of America Merrill Lynch has downgraded its recommendation on the JB Hi-Fi group to 'underperform' from 'neutral', due to a tougher margin outlook over the next few years.

The broker believes that industry margins are falling and are likely to continue to do so as key competitors in the industry are willing to work off lower margins than JB’s current margin, with peers matching or even cost-cutting JB’s prices.

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