Forsyth Barr lowers Mainfreight to neutral from outperform

Cyclical demand seen improving over next 18 months. (Image: Mainfreight)

Mon, 12 Aug 2024

Forsyth Barr analysts lowered their rating on Mainfreight to neutral from outperform, noting that investors have largely priced in a positive outlook.Analysts Andy Bowley and Hugh Lockwood said a recent trading update at the annual general meeting was “disappointing” and reflective of cyclical demand and competitive pressures.The New Zealand Exchange-listed (NZX) company said group profit before tax at $83.1 million fell 11.2% in the 15 weeks from April 1 to July 14 compared to the same period in the previous financial year, while r...

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