JB Hi-Fi (JBH) - Government pulls the plug on spending - Quant Sell ($15)

JB Hi-Fi (JBH) - Government pulls the plug on spending - Quant Sell ($15). We rate JB Hi-Fi (JBH) as Quant Sell with Quant Target Price (QTP) of $15. JBH is currently trading near post GFC high levels. We have been big fans of JBH during the run in 2013, but the recent recovery is on the hope that they can maintain growth and margin through the store rollout. Given the performance of WOW, WES and online models, we do not see the JBH offering standing up to the challenge with falling currency, budget cuts, unemployment rising and management change. (VIEW LINK)