Myer Holdings Ltd shares just sank to a new low

The Myer Holdings Ltd (ASX: MYR) share price continued its poor run on Thursday and drifted to a new multi-year low of 61 cents.

This brought its year-to-date decline to over 55%.

Why are its shares lower?

Although there was no news out of the retailer today, investors have been heading to the exits in their droves following last week’s trading update.

That update revealed that sales during the first two weeks of December were down 5% on the prior corresponding period.

Unfortunately its increased marketing investment and traffic-driving initiatives have failed to deliver on expectations once again.

Unsurprisingly, this led to a number of broker downgrades. The most bearish of the bunch was Credit Suisse which cut its price target by 16% to 56 cents.

This price target implies further downside of over 8% for its shares from the last close price. So just because it is at a new low, doesn’t mean it can’t fall further.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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