Morningstar keeps fair value unchanged for NZ's Fletcher Building; says business strong but market weak

** Analysts at Morningstar maintain their fair value estimate for Fletcher Building FBU.NZ at NZ$3.20, citing that most of the company has a building product focus now

** Research investment firms notes that in-house and apartment Q1 sales saw 39% fewer units sold as an Auckland concentrated shaky buying market persists, given hiked borrowing costs

** Group-wide, Morningstar expects low single-digit sales volume growth in FY27
** Residential segment estimates lowered, with Morningstar expecting about 500 unit sales in FY27, 25% less than its last estimate and below the 536 units sold in FY26

** Morningstar says it is supportive if Fletcher divests its residential construction segment

** Four of 11 analysts rate the stock "buy" or higher, four "hold" and three "sell" or lower; their median PT is NZ$4.10, according to data compiled by LSEG

** Stock down ~9% YTD, as of last close