First NZ Air NZ target price 19%, lowers rating to 'underperform'

Fri, 02 Jun 2017

By Rebecca Howard June 2 (BusinessDesk) - First NZ Capital lifted its 12-month target price on Air New Zealand to $2.50 from $2.10 but lowered its rating to 'underperform' from 'neutral' based on its updated valuation and current share price. The shares last traded down 2.3 percent at $2.95 but have gained 38 percent so far this year. On Thursday the company said it now expects its 2017 financial year earnings before taxation to exceed $525 million versus previous guidance of $475 million to $525 million. First NZ Capital lifted its ...

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