Macquarie lowers New Zealand's Fletcher Building target price amid housing woes

Fletcher Building

03/11/2025 03:33

** Macquarie cuts New Zealand's Fletcher Building FBU.NZ PT to NZ$1.59 from NZ$1.67; maintains 'underperform' rating

** Cites home builder's continued pricing pressure in Q2 based on benchmark import cost data, lowers FY26-28 EPS estimates by 2-4%

** Co reported unsold NZ house stock hit 11-year highs at Q1 update

** Macquarie notes weak residential building trend continues with spec builder arm consenting just 55 units FYTD vs 5-year average of 144

** 6 of 12 analysts rate FBU "buy" or "strong buy", 5 "hold", 1 "sell"; median PT NZ$3.50 - data compiled by LSEG

** FBU rises 0.2% to NZ$3.265, YTD up 14.7%

 (Reporting by Keshav Singh Chundawat in Bengaluru)

 ((Keshav.singhchundawat@thomsonreuters.com))