0035 GMT - For Air New Zealand, pretax losses look likely to continue in FY27 despite the recent ceasefire in the Middle East and the drop in oil prices. UBS analyst Marcus Curley thinks those losses look manageable. "Air New Zealand's recent share price drop reduces overvaluation plus a material discount to book value has emerged," UBS says. Still, UBS retains a sell call until confidence builds that oil supply has returned to normal. "Price-to-earnings valuation support for Air New Zealand doesn't reappear until FY29 and we don't expect dividends before FY28," UBS says. Its price target falls 4.8% to 0.40 New Zealand dollar a share. Air New Zealand is unchanged at NZ$0.44. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

June 28, 2026 20:35 ET (00:35 GMT)

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