First NZ trims Fletcher earnings forecasts for FY18 and FY19, retains 'outperform' rating

Wed, 17 May 2017

By Rebecca Howard May 18 (BusinessDesk) - First NZ Capital trimmed its earnings forecasts for Fletcher Building's 2018 and 2019 financial years but retained an 'outperform' rating on the stock and held the 12-month target price steady at $9.80. Fletcher shares dropped 1.3 percent to $8.08 and have fallen 23 percent this year after unexpectedly weak first-half earnings from its construction division followed by an earnings downgrade rattled investors. In the wake of that and some margin data, First NZ lowered its earnings before interes...

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