Fletcher shares still a 'buy' despite Jarden earnings downgrade

Analyst Grant Swanepoel is expecting house prices to fall another 12%. (Photo: Jarden)

Thu, 06 Oct 2022

House prices have fallen more sharply than expected but are likely to also bottom earlier than expected, meaning the recovery will come in 2024 rather than 2025, according to Jarden analyst Grant Swanepoel.That’s led him to downgrade his earnings forecasts for Fletcher Building for 2023 and 2024 but to raise his 2025 forecast.Swanepoel has also kept his “buy” recommendation on the stock, despite his 12-month target price easing to $6.30 from $6.43 previously.The shares were trading at $4.89 ahead of his report but gained 12 ce...

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