Jefferies upgrades Harvey Norman to 'buy', lifts PT alongside Macquarie

** Shares of Australia's Harvey Norman HVN gain as much as 5.9% to hit A$5.530, their highest level since March 30, 2022, last up 4.2%

** Analysts at Jefferies raise PT on co's shares to A$5.85 from A$4.75; upgrade rating to "buy" from "hold"

** Says the discretionary retailer is seeing early benefits from improving demand which is resulting in operational leverage and local margin expansion

** Brokerage sees long-term upside in the stock from its expansion in U.K. and Asia

** Says co has strong property backing and a history of performing well when the consumer cycle turns

** Macquarie hikes its PT by 6% to A$5.50, retains "Outperform"; sees co's strong sales growth to continue given ongoing strength in the electronics category

** Seven of 12 analysts rate the stock "buy" or higher, three "Hold" and two "Sell"; their median PT is A$5.40 – LSEG data