Chorus lifts capital spending, projects flat-to-lower 2014 earnings; shares slip

Mon, 26 Aug 2013

By Paul McBeth Aug. 26 (BusinessDesk) - Shares in Chorus fell after the telecommunications network operator spent more on capital projects, including the national fibre network, than analysts were picking and as it predicted flat to lower earnings in the coming financial year. The shares fell 1 percent to $2.94 as at 1pm today, and are little changed this year. The stock is rated an average ‘hold’ based on nine analyst recommendations compiled by Reuters, with a median target price of $3.25. Capital expenditure of $681 million included $27...

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