BUZZ-New Zealand's Kathmandu Holdings falls on ratings downgrade

Wed Aug 26, 2015 8:55pm EDT
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** Shares of outdoor clothing retailer Kathmandu Holdings Ltd down as much as 3.5 pct

** Morningstar Equities cuts rating of stock to 'hold' from 'accumulate' with a fair value estimate of NZ$1.90

** "We do not view Kathmandu's brand recognition as sufficient to warrant an economic moat" - Morningstar Equities

** On Wednesday, company announced structural review of head office structure due to reduced profits in FY2015 compared with prior years

** Adds review may result in reduction of up to 10 pct of workforce in its Australian and New Zealand head offices

** On Wednesday, the stock closed about 9.7 pct up over the previous day

** About 666,000 shares change hands in early trading on Thursday, compared with 30-day average of 327,091 shares

** Stock has lost about 21.3 pct this year as of Wednesday's close (Reuters Messaging: