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.
