FBU - Morgan Stanley rates the stock as Overweight
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First half results were modestly ahead of expectations. Morgan Stanley believes the result, coupled with the increased provisioning for construction, provides a platform whereby investors can focus on the inherent value in the stock.
Guidance has been maintained and the broker upgrades forecasts. Overweight. Target is NZ$8.00. Industry view is: Cautious.
Current Price is $6.10. Target price not assessed.
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