NZ's Fletcher Building falls; Citi downgrades on muted outlook

Fletcher Building

03/12/2025 01:12

Updates

** Fletcher Building FBU.NZ falls as much as 2.3% to NZ$3.39; marks steepest intraday pct loss since November 25

** Citi downgrades to "neutral" from "buy"; retains PT at NZ$3.50

** Sees NZ housing market stabilising, but warns recovery will be slow, citing elevated consents, high inventories, premium on new builds

** Cuts FY26, FY27 EBIT forecasts by 7%, 5%, respectively; says stock trading near valuation, limiting upside

** Stock rated "buy" on avg; median PT is NZ$3.50, per data compiled by LSEG

** YTD, FBU up 20.9%

 (Reporting by Roshan Thomas and Nikita Maria Jino in Bengaluru)

 ((Roshan.Thomas@thomsonreuters.com))