Fletcher Building Loses Bull Due to Tame Housing-Market Recovery -- Market Talk

Dow Jones2025-12-03

2200 GMT - Fletcher Building loses a bull in Citi as hopes fade for a rapid recovery in New Zealand's housing market. Interest rate cuts have helped to support activity, but risks remain. Citi worries that higher inventories may absorb any incremental demand for construction materials. It also points to "a growing 'build new' premium versus 'buy existing'" when it comes to homes. "We decrease our FY 2026/2027 Ebit by 7%/5% to reflect what we see as a more muted recovery," analyst Samuel Seow says. Citi downgrades Fletcher to neutral, from buy, while keeping its price target unchanged at NZ$3.50/share. Fletcher is down 0.9% at NZ$3.44 today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

December 02, 2025 17:00 ET (22:00 GMT)

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It also points to \"a growing 'build new' premium versus 'buy existing'\" when it comes to homes. \"We decrease our FY 2026/2027 Ebit by 7%/5% to reflect what we see as a more muted recovery,\" analyst Samuel Seow says. Citi downgrades Fletcher to neutral, from buy, while keeping its price target unchanged at NZ$3.50/share. Fletcher is down 0.9% at NZ$3.44 today. 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Interest rate cuts have helped to support activity, but risks remain. Citi worries that higher inventories may absorb any incremental demand for construction materials. It also points to \"a growing 'build new' premium versus 'buy existing'\" when it comes to homes. \"We decrease our FY 2026/2027 Ebit by 7%/5% to reflect what we see as a more muted recovery,\" analyst Samuel Seow says. Citi downgrades Fletcher to neutral, from buy, while keeping its price target unchanged at NZ$3.50/share. Fletcher is down 0.9% at NZ$3.44 today. 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