PNJ [BUY +20.9%] - Retail sales growth returning to normal trajectory - Update 2019-11-06T18:24:31 Company Research We reiterate BUY as we raise our target price by 6% in this report. Our TP inches up mainly thanks to a roll-over of our valuation from mid-2020 to YE2020, partly offset by 1%/3%/6% downward revisions to our 2020F/2021F/2022F NPAT forecasts.