AIZ – Credit Suisse rates the stock as Downgrade to Underperform from Neutral

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Second downgrade in two months takes Air New Zealand to Underperform from Outperform at Credit Suisse. Analysts have raised their forecasts on currency forecast changes, a lower oil price and better than anticipated passenger yields.

Credit Suisse believes Air NZ is currently enjoying a very favourable trading environment, which won’t be sustainable over the longer term though.

The recommendation downgrade follows an 88% share price appreciation over the past few months. Enough said.

The broker believes the company is likely to go through a “capex holiday” until 2010.

Current Price is $1.82. Target price not assessed.

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