First NZ cuts Auckland Airport target price on $1.8 billion infrastructure spend

Fri, 09 Jun 2017

By Rebecca Howard June 9 (BusinessDesk) - First NZ Capital cut its 12-month target price on Auckland International Airport on concern the company's major capital project to cope with growing demand will limit returns from the transport hub's regulated asset base. The brokerage lowered its price target to $5.10 from $5.20, while keeping the 'underperform' rating as the stock trades at a "significant premium" to its assessment of fundamental value, it said in a report. Auckland Airport shares fell 0.4 percent at $7.17, having gained 15 per...

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