2145 GMT - Meridian Energy's narrowing premium to other New Zealand power generators and retailers prompts Forsyth Barr to upgrade its stock to outperform, from neutral. Analyst Andrew Harvey-Green notes that Meridian has traditionally traded at a 20%-30% premium to listed rivals. However, Meridian's share price has fallen more than 7% since the end of February, with only a small part of that attributable to it trading ex-dividend. "Meridian is offering the best value it has in over a year and now is a rare opportunity to buy the largest electricity generator/retailer," Forsyth Barr says, estimating its premium to peers is less than 10%. "While short-term earnings are under pressure due to dry hydrological conditions, this is temporary." (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 11, 2025 17:45 ET (21:45 GMT)
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