Macquarie lowers New Zealand's Fletcher Building target price amid housing woes

Macquarie cuts New Zealand's Fletcher Building FBU.NZ PT to NZ$1.59 from NZ$1.67; maintains 'underperform' rating

Cites home builder's continued pricing pressure in Q2 based on benchmark import cost data, lowers FY26-28 EPS estimates by 2-4%

Co reported unsold NZ house stock hit 11-year highs at Q1 update

Macquarie notes weak residential building trend continues with spec builder arm consenting just 55 units FYTD vs 5-year average of 144

6 of 12 analysts rate FBU "buy" or "strong buy", 5 "hold", 1 "sell"; median PT NZ$3.50 - data compiled by LSEG

FBU rises 0.2% to NZ$3.265, YTD up 14.7%