Research by Craigs Investment Partners said while still recommending a 'hold' on the stock, there would be slower housing growth in New Zealand and Australia.
Craigs broker Chris Timms said New Zealand housing consents had declined 5%, when compared year-on-year, Australian forecasts were below consensus by 19% and Christchurch's rebuilding would not begin in earnest until the second half of 2012, and flow into 2013.
"However, when the Christchurch rebuild happens, Fletcher should be a key beneficiary," he said.
After the February earthquake, Craigs' forecast on Fletcher's profit after tax guidance had settled between $330 million and $340 million, but that was revised yesterday to about $327 million, well below other analysts' consensus of $344 million.
