The a2 Milk Company’s share price looks overcooked as Forsyth Barr downgrades

The Pōkeno site is now owned by a2 Milk. (Image: Supplied)

Thu, 04 Sep 2025

Forsyth Barr has cut its rating of The a2 Milk Company to “underperform”, saying its valuation has become too stretched.The company’s share price has risen nearly 20% to north of $10 on the NZX since its full-year results, when it announced a long-awaited deal to buy Yashili Pōkeno while divesting Mataura Valley Milk and flagging an intended special dividend of $300 million.Year-to-date, a2’s share price has risen 60% but is still below the $20 it hit in 2020. It gives a2 Milk (ATM) a market capitalisation of $7.3 billio...

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