JP Morgan has upgraded Harvey Norman to Outperform from Neutral, in a move that signals the receding pessimism in the consumer discretionary sector

JP Morgan has upgraded Harvey Norman to Outperform from Neutral, in a move that signals the receding pessimism in the consumer discretionary sector. It also found that sales performance in the company was improving whilst the outlook was supported by undemanding comparatives. However, JP Morgan appears to be a contrarian view with the market consensus price target still suggesting a downside of 7.1% to $2.78.