0002 GMT - Air New Zealand's upbeat investor day and positive first-time 1H earnings guidance prompts Forsyth Barr to junk its bearish call on the stock. Forsyth Barr upgrades Air New Zealand to neutral, from underperform, after the airline's management this week outlined initiatives to boost medium-term performance. Analyst Andy Bowley says the initiatives look credible. "However, it also acknowledged the challenges posed in the airline industry, and that some of the targeted benefits may be competed away," Forsyth Barr says. Air New Zealand expects 1H pretax profits of NZ$120 million-NZ$160 million. That guidance leads to meaningful full-year estimate upgrades, albeit assisted by lower fuel prices and several one-off items, Forsyth Barr says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 25, 2024 19:02 ET (00:02 GMT)
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