** Morningstar raises Air New Zealand's AIR.NZ fair value estimate by 13% to NZ$0.90; an upside of ~54% to stock's last close
** New Zealand's flagship carrier reported on May 30 that group capacity is down 2.2% in April, compared with the same month last year
** Morningstar says engine maintenance issues continue to restrict aircraft availability, exacerbated by a soft economic backdrop in NZ
** Trims FY25 pretax profit forecast to NZ$181 million ($109.11 million) from NZ$190 million; forecast still at top of co's guidance range
** However, expects earnings to materially rise over the next two years with maintenance issues easing, increasing aircraft availability and lower temporary costs
** Stock down 2.5% YTD
($1 = 1.6589 New Zealand dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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