The price continued to rise because it offered a strong yield for international investors. The shares closed on Friday at $3.49, up 3c. Forsyth Barr has a share target price of $3.40.
Last week, Spark announced the head of its retail unit, Chris Quin, would leave in June. Further changes were also announced as the company reoriented itself towards its future with its ''Digital First'' programme, he said.
''Risks remain with significant margins still being generated by legacy services such as fixed lines and calling. Our rating is `underperform'.''
Mr Quin would be replaced by Jason Paris, who led the Spark rebrand and had managed many aspects of the retail business over the past three years, Mr Rooney said.
Mr Paris was a strong replacement, particularly suited for the future requirements of the business.
Spark also announced last week its ''home'' customers could receive its Lightbox on demand content service free for 12 months. Customers must sign up.
Mr Rooney said Spark was trying to create a product differential to Netflix, as much as increasing the number of subscribers to the service.
''Our concern is that subscribers will get used to the free service and will be unwilling to pay for the standard Lightbox after 12 months.''
Skinny Mobile and Big Pipe would be moved from Spark Ventures to report to the chief financial officer. Rod Snodgrass would continue as chief executive for Spark Ventures and lead the Digital First programme.
With the world increasingly online and with fibre being rolled out through the country, Digital First would be about homes and businesses that were wired and smart. The challenge would be making profits from the new services, he said.
Meanwhile, Morningstar analyst Daniel Mueller is recommending shareholders reduce their stake in Chorus, the company which was split out of Telecom with Spark.
The Chorus telecommunications infrastructure was a near monopoly in New Zealand's broadband and fixed line telephony markets, but a hostile regulatory regime and uncertainty about long term regulated prices meant the company had no economic advantage, he said.
Adverse regulatory decisions meant wholesale broadband prices fell from December 2014.
''Chorus operates from a largely fixed cost base and will receive no relief. This leaves a medium term funding gap ...''
Chorus was legally obliged to develop the network and might require additional equity funding.
Low broadband pricing might act as a disincentive for users to switch from copper broadband services to more expense fibre, hitting long term returns, Mr Mueller said.
Chorus shares closed up 7c on Friday at $2.85. Morningstar has a ''fair value'' rating of $2.40.
