Shares of New Zealand’s Fonterra Shareholders' Fund (ASX:FSF) soared by as much as 2.6% to reach NZ$3.550, marking their highest value since September 2021.

This uptick was influenced by Macquarie, who raised the FSF’s EPS estimates by 8.7% for the financial years of 2024-2025.

They attributed this positive outlook to Fonterra Co-Operative Group’s strong balance sheet, which not only provides the flexibility to support farmers but also maintains solid dividends.

On the other hand, Macquarie has slightly lowered the price target to NZ$3.52 from NZ$3.63 owing to higher medium-term capital expenditure guidance from Fonterra.

The company recently reported a normalized profit of NZ$1.33 billion for the financial year, a significant leap from NZ$591 million.

About 92,000 FSF shares were reported to have traded, which is higher than the average daily trading volume of 78,000 observed in the past 30 days.

So far this year, the stock has seen a 22% increase.

Fonterra Shareholders' Fund (ASX:FSF) is a New Zealand-based investment fund that provides a way for investors to invest in the performance of Fonterra Co-Operative Group.