First NZ downgrades Summerset to 'neutral' as Auckland's housing market cools

Fri, 22 Jan 2016

By Sophie Boot Jan. 22 (BusinessDesk) - Summerset Group's Auckland-centred growth plan has seen the retirement village developer and operator's stock downgraded by First NZ Capital analysts, who say moderation in house price growth could limit the company's ability to outperform expectations. The stock has been cut to a 'neutral' rating from 'outperform' by First NZ Capital. Earlier this month, Summerset said it had lifted occupation rights sales 26 percent in 2015, and affirmed earnings guidance for underlying profit of between $36 milli...

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