2345 GMT - After a particularly challenging period, things might be starting to move in the right direction for Fletcher Building, says Forysth Barr. New management is partially in place and Fletcher's recent capital raise has eased pressure on its balance sheet, analyst Rohan Koreman-Smit says. Also, New Zealand's government has started to cut red tape in the construction sector, and signs of a stabilization in local construction activity are emerging, Forsyth Barr says. Still, the bank retains a neutral call on Fletcher's stock. "Given recent history, and the remaining uncertainty around the Pro-Fit pipes issue and final cost of the New Zealand International Convention Centre, we think the market will remain cautious until Fletcher gets some runs on the board," Forsyth Barr says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 17, 2024 18:45 ET (23:45 GMT)
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