Macquarie Equity Research have retained and outperform rating on Kathmandu following their half year result and raised their price target

Macquarie Equity Research have retained and outperform rating on Kathmandu following their half year result and raised their price target. Kathmandu reported a good half kicking into the wind. KMD reported 1H14 NPAT of $11.4m up 11% on pcp. (Macquarie estimate $11.2m). We continue to see good medium term upside for the group as the store portfolio is optimised and as range planning and optimising tools are rolled out. No material change to EPS. Price target rolled forward to $3.70. Outperform