NZX reiterated at 'outperform' by First NZ, Clear Grain exit to lift '17, '18 earnings

Mon, 30 Jan 2017

By Jonathan Underhill Jan. 30 (BusinessDesk) - NZX shares were reiterated as 'outperform' by brokerage First NZ Capital, which raised its earnings forecasts for 2017 and 2018 primarily to reflect the market operator's sale of the unprofitable Clear Grain Exchange. First NZ analyst Greg Main raised his target price for NZX to $1.17 from $1.12 in the report, titled Robust 4Q16 revenue and FY17 earnings uplift. "We have increased our FY17 and FY18 ebitda forecasts by 3 percent each, primarily reflecting the divestiture of the loss-making...

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