Vodafone NZ buyer Infratil has been dropped from Forsyth Barr's 'Conviction List' of the hottest local stocks .

It has also downgraded Infratil from "outperform" to "neutral" and shaved its 12-month target price

Infratil shares are fully-valued after their recent run-up, ForBarr senior equities analyst Andrew Harvey-Green says, which was the key reason for removing the company from the list.

He says Infratil paid a "full price" for Vodafone's New Zealand operation.

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Yesterday, Infratil confirmed a 50:50 $3.4b buyout of Vodafone NZ in partnership with Canadian investment firm Brookfield.

Market whispers had three US private equity outfits also in the

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FNZC shaves target