First NZ upgrades Fonterra recommendation to ‘outperform’, cites buying opportunity

Fri, 02 Aug 2013

By Tina Morrison Aug 2 (BusinessDesk) – First NZ Capital upgraded its recommendation for units in Fonterra Cooperative Group’s shareholders fund to ‘outperform’ from ‘neutral’, saying a short-term pullback in the price is a buying opportunity. At the same time, the brokerage lowered its earnings forecasts for Fonterra for the coming three years and reduced its 12-month target price on the units to $8.30 from $8.50 after the dairy company last week cut its forecast for 2013 earnings because of a drought in New Zealand and intense competition i...

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