0032 GMT - Fisher & Paykel keeps its outperform rating from Macquarie after the health device manufacturer's margin warning was met with what the investment bank thinks was an unjustifiably steep sell-off. Macquarie acknowledges that the impact on margins from elevated freight costs are likely to linger longer than previously anticipated but views the share-price drop as an opportunity for longer-term investors. It nonetheless cuts ots target price by 20% to NZ$29.87 after downgrading its EPS forecasts for FY 2022, 2023 and 2024 by 5%, 21% and 23%, respectively. It blames factors including a slowdown in hospital revenue as the Omicron Covid-19 variant proves less serious in its effects. Shares are down 1.2% at NZ$24.12. ([email protected]; @StuartLCondie)
(END) Dow Jones Newswires
March 27, 2022 20:32 ET (00:32 GMT)
FPH Price at posting:
$21.81 Sentiment: Hold Disclosure: Held
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