NZX upgraded to ‘hold’ from ‘sell’ by brokerage Craigs after share price underperforms

Wed, 30 Oct 2013

By Tina Morrison Oct 30 (BusinessDesk) – NZX, the stock exchange operator whose shares have lagged behind its own benchmark index in the past year, was upgraded to ‘hold’ from ‘sell’ by brokerage Craigs Investment Partners. Shares in NZX recently slipped 0.8 percent to $1.26 and have gained just 1.6 percent in the past year compared to the NZX 50 benchmark’s 23 percent gain. “Following recent underperformance NZX’s share price is now trading on a reasonable forward price-to-earnings ratio of 23 times and in line with our discounted cash flo...

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