Three out of five broking firms involved in the Mighty River Power float don't expect the company to be trading above its $2.50 issue price in a year's time.
Firms involved in the initial public offer of Mighty River Power had been blocked from making public any research on the company until now.
But research published this week shows most have low expectations for the performance of the power company's shares according to 12-month price targets.
Forsyth Barr has the lowest target price at $2.35 while Craigs Investment Partners has put it at $2.48. Both companies, who were involved in the retail syndicate for Mighty River Power, have a hold recommendation on the stock.
Forsyth Barr analysts Andrew Harvey-Green and James Bascand noted in their research that Mighty River Power was an attractive business in an industry that has a solid earnings track record.