After a strong performance over recent months, UBS notes the share price is 38% above pre-pandemic levels. This follows earnings upgrades as NZ construction activity rebounded.
The broker now expects NZ construction expenditure will lift by 15% in 2022-23. UBS upgrades estimates for FY22 and FY23, driven by stronger NZ sales and margins.
UBS retains a Neutral rating which is under review. Target is raised to NZ$7.65 from NZ$6.55.
Sector: Materials.
Current Price is $7.51. Target price not assessed.
