Forsyth Barr shifts Turners Automotive to neutral from outperform

Forsyth Barr analysts say Turners will likely need “meaningful earnings upgrades if it is to continue its material outperformance”. (Image: Turners)

Rebecca Howard

Fri, 04 Jul 2025

Forsyth Barr analysts lowered their rating on Turners Automotive Group to neutral from outperform as the “risk-reward picture now appears more balanced”.The company’s valuation is 14.4 times the 12-month forward earnings per share, which is more than two standard deviations above its long-run average of around 10 times, said analysts James Lindsay and Will Twiss.The company has delivered five consecutive years of record earnings and +85% outperformance (in total return) versus the NZX 50 over the past 12 months.It reported a n...

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