Fletcher Building shares hit near three-month high; Jefferies reinstates buy rating
BUZZ-Fletcher Building shares hit near three-month high; Jefferies reinstates buy rating Updates with share moves and Morningstar comments
** Shares of Fletcher Building FBU.NZ rise as much as 2.2% to NZ$3.290, their highest since March 20
** Jefferies reinstates "buy" rating on FBU with a NZ$4 price target
** Brokerage says the construction materials maker remains attractively positioned for any uptick in New Zealand housing; increases second-half earnings forecasts for Light Building Products division
** Morningstar anticipates better management focus as fewer businesses remain after the divestment of the volatile construction business, other smaller businesses
** Investment research firm lifts FBU's FY26 EBIT by 27% to outlook midpoint of NZD378 million
** Co on Wednesday flagged sustained pressure from rising fuel costs and broader input inflation could weigh on its performance in the first half of 2027; shares fell 0.6%
** YTD, FBU shares down 12.5%
(Reporting by Nichiket Sunil and Keshav Singh Chundawat in Bengaluru)
((Nichiket.Sunil@thomsonreuters.com; Keshav.SinghChundawat@thomsonreuters.com))
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