Forsyth Barr shifts Turners Automotive to neutral from outperform

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
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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