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Brokerage First NZ Capital has downgraded Port of Tauranga to underperform from neutral, citing a rise in its share price.
The broking firm said the port operator's share price had risen 8.8 per cent since March 5, compared with a 3.4 per cent rise in the benchmark top 50 index.
Port of Tauranga's shares closed yesterday on $6.45, equalling a record high.
"The downgrade reflects price performance and bears no connection to the potential strike action or potential for merger with Ports of Auckland," said analyst Rob Bode.
