f&p appliances seen a takeover target - analysts - home appliance manufacturer

According to a report from the brokerage firm, household appliance maker Fisher & Paykel Appliances Ltd's shares have fallen by 31 percentage points so far this year, which could be the target of the acquisition.
Citi is the second broker to come up with high technology.
The Dutch bank said last month that, at its current share price, it could attract the attention of potential buyers.
"Fisher & Paykel's intellectual property library and production knowledge-
In a note to customers, Citi analyst Blair Cooper said: "for potential acquirers, how to be sure is an attractive goal . ".
Fisher & Paykel's stock has fallen 31 so far this year, compared with a 10 drop in benchmark Top stocks
The 50 index, which was the worst performing index for the exchange in 2008 due to market tightening, rising costs and a stronger New Zealand dollar.
The last trading stock fell by 0.
Eight cents, two dollars. 35.
Citi said that at a $0. 453 billion valuation, Fisher and Pike would cost less than the annual R & D budget of its much larger rival, Whirlpool Corp. And Electrolux, Sweden.
Both companies will benefit from F & P's high-end brands and upcoming products.
Citi said it now expects net profit for F & P to reach $62.
$7 million as at March 2008, down from previous forecasts, but above $55.
According to Reuters Estimates, the proportion in the survey of analysts was 5 million.
Mr. Cooper said higher raw material costs, lower sales and lower revenue in the financial sector would all lead to lower profits.
Net profit for F & P in 2007 was $61. 2 million.
Citi cut its profit forecast by 2009 to $73. 6 million.
Fisher & Paykel Appliances has been moving manufacturing operations from New Zealand and Australia to Thailand and the United States to reduce costs and get closer to key markets.
F & P caters to the high end of the market, not the public
Whirlpool's market rivals such as Maytag, Electrolux and South Korea's LG Electronics. -