First NZ raises target price on Methven on earnings growth from Chinese acquisition

Fri, 02 Aug 2013

By Tina Morrison Aug 2 (BusinessDesk) – First NZ Capital raised its target price on Methven after the tapware maker agreed to buy its Chinese manufacturer Invention Sanitary. First NZ, which has an ‘outperform’ recommendation on the stock, raised its 12-month target price to $1.50 from $1.35 on the expectation the purchase will boost earnings, the brokerage said in a note. It lowered its expectations for the company’s 2014 earnings before interest, tax, depreciation and amortisation by 2.9 percent to take account of higher New Zealand margi...

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