Canaccord Genuity analysts have adjusted the price target on Adairs (ASX:ADH), the Australian home furnishings retailer, from A$1.60 per share down to A$1.40.

They forecast a trend of subdued sales throughout fiscal 2024, hence adjustments were made to the Earnings Before Interest and Taxes (EBIT) estimates, reducing them to just under A$50 million.

Canaccord has decided to maintain their ‘hold’ rating on Adairs until more promising news regarding earnings or changes in management outlook emerge.

The analysts note that current trading conditions are weak in fiscal 2024, suggesting continued difficulty in the retail environment.

Out of nine industry analysts, three rate Adairs' stock as ‘buy’, five rate it as ‘hold’, and one as ‘sell’, with a median price target of A$1.80, according to Refinitiv data.

The stock has substantially dipped this year, experiencing a 35.7% loss as of the last closing price.

Adairs is a specialty retailer that provides high-quality and fashionable homewares and home furnishings.