JB Hi-Fi shares lower after analyst flags competitive threat
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The news: Shares in JB Hi-Fi are lower on the ASX as RBC Capital Market analyst flags growing concerns of competitors in the AI space.
The numbers: JB Hi-Fi shares were down 1.92% to $92.86 as of 2:44pm AEDT.
Despite this, RBC Capital Markets analyst Michael Toner has initiated coverage on JB Hi-Fi with a sector perform recommendation and a $101 share price target.
The context: RBC Capital Markets sees Amazon posing as a growing competitive threat, estimating its share of the Australian online retail market to double over the next five years.
Toner expects Amazon to represent 24% of the online retail share by 2030.
The source: RBC Capital Markets research
