Macquarie cuts PT on Fletcher Building, flags potential costs for plumbing issues
09/09/2024 05:38
** Analysts at Macquarie lower price target on New Zealand's
Fletcher Building FBU.NZ to NZ$2.21 from NZ$2.43, keeps
"underperform" rating
** The Auckland-headquartered builder said in August that
its unit, Iplex Pipelines Australia agreed to address plumbing
issues in Western Australian homes built by co's product
** We lift our contingent liability estimate for FBU by
NZ$187 mln ($115.40 mln) reflecting proposed settlement for
Iplex Pro-fit pipes - Macquarie
** FBU shares down 0.7% at NZ$2.81
** Stock down 41.2% this year, as of 0420 GMT
($1 = 1.6205 New Zealand dollars)
(Reporting by Roshan Thomas in Bengaluru)
((Roshan.Thomas@thomsonreuters.com))
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