New Zealand's Heartland Group falls as Macquarie cuts FY profit view

Diamond Hill Investment

15/12/2023 03:12

** Shares of New Zealand's Heartland Group  HGH.NZ  fall
1.9% to NZ$1.52 as of 0308 GMT
    ** Analysts at Macquarie lower price target on the financial
conglomerate to NZ$1.53 from NZ$1.68, maintain "neutral" rating
    ** Macquarie cuts FY24 net profit after tax (NPAT) forecast
to 14% below brokerage's prior estimate, citing cost incurred in
Challenger Bank acquisition  
    ** Two of four analysts rate the stock "buy" and two "hold;"
their median PT is NZ$1.82 – LSEG data
    ** Stock down ~14% this year, as of last close


 (Reporting by Megha Rani)
 ((Megha.Rani2@thomsonreuters.com;))