FBU - UBS rates the stock as Buy
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The broker believes Fletcher's fourth profit downgrade appears more cautious. On the share price fall post trading halt, the broker suggests a valuation gap has emerged. However construction risk will overhang the share price until major projects are completed.
The dividend cut will not help either, but the broker forecasts reinstatement in FY19. A deep valuation discount to peers keeps the broker on Buy. Target falls to NZ$7.75 from NZ$8.35.
Current Price is $6.64. Target price not assessed.
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