Booktopia Group has provided a disappointing pre-Christmas update, with covid impacts, costs and distribution bottlenecks leading to renewed fist half revenue guidance well below Morgans' estimate.

The broker cuts FY22-24 earnings forecasts by -25-41% and lowers its target to $2.78 from $3.72.

The broker nevertheless continues to see longer term upside from increased market share, distribution centre automation and growth in publishing services. Add retained.

Sector: Retailing.

Target price is $2.78.Current Price is $1.32. Difference: $1.46 - (brackets indicate current price is over target). If BKG meets the Morgans target it will return approximately 53% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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