NZ's Comvita extends losses; Credit Suisse cuts TP

Comvita

07/05/2019 04:04

** Shares of Comvita Ltd  CVT.NZ  fall as much as 0.8 pct to
NZ$3.55, their lowest since Feb 17, 2015 
    ** The health products maker on Monday said it recorded a
third consecutive season of poor harvest, due to poor weather
patterns and overcrowding of its Manuka sites with competing
beekeepers  urn:newsml:reuters.com:*:nNZSm2za
    ** Credit Suisse analysts cut stock's target price to
NZ$3.77 from NZ$4.02; retains "neutral" rating
    ** Comvita is exposed to the threat of competition, has
demonstrated limited execution, and has high gearing - Credit
Suisse
    ** Credit Suisse analyst says risks for Comvita include
weather/agricultural challenges, food safety and China
regulation
    ** Stock set to end lower for a third straight session
    ** More than 80,000 shares change hands, compared with the
30-day average volume of about 28,000 
    ** As of last close, stock down more than 26 pct this year

 ((Reuters Messaging:
abyjose.koilparambil.thomsonreuters.com@reuters.net))