Fletcher reiterated 'outperform' by First NZ as stock sinks to 2-year low

Thu, 15 Feb 2018

By Jonathan Underhill Feb. 15 (BusinessDesk) - Fletcher Building has been reiterated as 'outperform' by First NZ Capital as the stock sank to a new two-year low in the wake of the company's revelations of wider construction losses. The brokerage did lower its price target to $8.40 from $8.50 in retaining its upbeat rating on the beleaguered company. Analyst Kar Yue Yeo said Fletcher chief executive Ross Taylor had provided investors with a sense that the company was "closer to the end of a difficult chapter in its history book." The share...

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