Citi, a renowned brokerage firm, has increased its price target on specialty retailer Super Retail Group (ASX:SUL) in response to the company’s positive fiscal 2023 results.

The new price target has been set to A$13.50, up from A$12.00, maintaining a ‘neutral’ rating on the stock.

Super Retail released its FY23 underlying net profit after tax (NPAT) of A$273.5 million, which represented a 3% increase above the consensus estimate.

Moreover, the company’s FY revenue from ordinary activities grew by 7.1% to A$3,802.6 million.

Super Retail also declared a final dividend of 44 Australian cents per share.

‘We raise our earnings forecasts by 2% in FY24 and FY25’, stated a representative from Citi.

With these developments, the stock of the company has risen by 28.1% this year, as of the last close.

Super Retail Group (ASX:SUL) is a leading specialty retailer.