FBU – Citi rates the stock as Neutral

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Fletcher Building’s AGM confirmed the company is on track to meet consensus expectations, although trading to date has been a mixture of stronger and weaker results for different businesses.

Self-help strategies are progressing well, Citi notes, and leverage to an eventual upturn has strengthened.

Support is being provided by an ongoing buyback. The broker retains Neutral and a NZ$5.10 target.

Sector: Materials.

Current Price is $4.79. Target price not assessed.

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