NZ's Fletcher Building falls; Citi downgrades on muted outlook

Fletcher Building FBU.NZ falls as much as 2.3% to NZ$3.39; marks steepest intraday pct loss since November 25

Citi downgrades to "neutral" from "buy"; retains PT at NZ$3.50

Sees NZ housing market stabilising, but warns recovery will be slow, citing elevated consents, high inventories, premium on new builds

Cuts FY26, FY27 EBIT forecasts by 7%, 5%, respectively; says stock trading near valuation, limiting upside

Stock rated "buy" on avg; median PT is NZ$3.50, per data compiled by LSEG

YTD, FBU up 20.9%