0309 GMT - UBS slashes its price target on KMD Brands following a heavily discounted equity raise. The bank's target on KMD drops by 50% to NZ$0.14. Shares in the retailer have slumped to a record low on the raise, leading UBS to upgrade its rating on the stock to buy from neutral. "While the raise is clearly painful for shareholders, it materially de-risks the balance sheet, removing funding and covenant pressure," UBS says. Now, "we believe the investment debate shifts from survival to earnings delivery," it adds. The stock is down another 10% at NZ$0.079, taking year-to-date losses to more than 72%. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

April 06, 2026 23:09 ET (03:09 GMT)

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