Macquarie adjusts forecasts for earnings per share down -36% to account for the trading update for May, which implies FY20 earnings guidance of NZ$309m.
Fletcher Building continues to preserve its balance sheet and retains conservative volume forecasts for FY21-22.
Neutral rating maintained. Target is reduced to NZ$3.92 from NZ$4.03.
Current Price is $3.45. Target price not assessed.