Citi slashes PT on Australia's Brickworks after North America impairment

Analysts at Citi lower price target on Australia's Brickworks BKW.AX to A$32.5 from A$36.6

The firm, in which Washington H Soul Pattinson is the biggest investor, said on Tuesday it expects an A$55 mln ($34.66 mln) impairment at its North America business due to poor performance for 1H

Brokerage notes that the impairment reflects a 15% pre-tax writedown to the net tangible asset for BKW's building products segment

Citi hails BKW's earnings outlook and says property business is a much bigger driver of co's value; retains "buy"

Says share price drag on Tuesday was "unwarranted"

Stock down 7% YTD

($1 = 1.5868 Australian dollars)