FBU – Macquarie rates the stock as Neutral

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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.

Sector: Materials.

Current Price is $3.45. Target price not assessed.

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