Macquarie initiate coverage of Dick Smith (ASX: DSH) with an Outperform rating and $2.60 price target

Macquarie initiate coverage of Dick Smith (ASX: DSH) with an Outperform rating and $2.60 price target. The company is in the process of a significant turnaround under a new management team, focusing on the retail basics of buy/move/sell. DSH operates in a category with an attractive outlook and we expect the sizeable valuation gap vs. peers to narrow as management deliver on forecasts.