The Accent share price has already surged 18% in FY23. What’s next?

A young woman dressed in street clothes leaps happily in the air with the focus on her bright red boots that are front and centre for the camera.

A young woman dressed in street clothes leaps happily in the air with the focus on her bright red boots that are front and centre for the camera.

We are only 20 days into the 2023 financial year. But even so, the Accent Group Ltd (ASX: AX1) share price has given investors a start to the year to remember.

This ASX 200 footwear retailer and owner of the Athlete’s Foot, Platypus, and HYPEDC brands was going for $1.24 a share back on 30 June. But as it stands today, Accent has closed at $1.45 a share, up a healthy 3.57% this Wednesday.

That means that the Accent share price has put on an extremely impressive 18% or so over just the past 20 days.

But, zooming out, the picture is not quite as rosy. Accent has had a rocket of a run in recent weeks. But the company remains down a painful 40.82% year to date in 2022. It’s also down more than 46% over the past 12 months.

So what might be next for the Accent share price? Will the recent run of good fortune keep going?

What’s next for the Accent share price?

Well, one ASX broker who reckons the good times might just keep on rolling for Accent shares is Bell Potter. As my Fool colleague James covered just last week, Bell Potter has recently retained a buy rating on Accent shares.

That came with a 12-month share price target of $2.20. If that were to come to pass, it would mean a potential upside of almost 52% from the current pricing.

Bell Potter likes Accent for its “dominant market share in the Australian footwear retailing industry and growth outlook in the youth focused sports apparel”.

It is also expecting big things when it comes to the Accent dividend. It has already pencilled in a total of 5.8 cents per share in fully franked dividends from Accent for FY2022. But it reckons this will almost double to 10.7 cents per share by the end of FY2023.

So that’s a fairly unambiguous endorsement of the Accent share price at today’s levels, and one that will no doubt be received with enthusiasm from investors. But we shall just have to wait and see if Bell Potter is on the money here.

In the meantime, today’s closing Accent Group share price gave this ASX 200 retailer a market capitalisation of $785 million, with a dividend yield of 3.97%.

The post The Accent share price has already surged 18% in FY23. What’s next? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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