Mainfreight Limited (NZX: MFT) is a New Zealand-based global logistics provider. The Company operates in the domestic supply chain and air and ocean freight industries. Its segments include New Zealand, Australia, The Americas, Asia, and Europe. As per the previous recommendation on MFT on 3 October 2023, a ‘Buy’ rating was given on the stock at NZD 63.05, and noted below are the details of support and resistance provided in the previous report:

Recommendation Summary as October 3, 2023

MFT Daily Chart

Considering the resistance level, share price movement, current trading levels and risks associated, it is prudent to book profits at the current levels.

Hence, a ‘Sell’ recommendation is given on the stock at the closing price of NZD 68.00, up by 0.35% as of 1 March 2024.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is March 1, 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

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