LONDON (ShareCast) - (Sharecast News) - Deutsche Bank downgraded its stance on the London office real estate sector to 'hold' on Wednesday, citing limited upside at current valuations.
The bank said it was reviewing its London office coverage forecasts and valuations to incorporate updated views following the recent run-up in share prices on the back of reduced political uncertainties around Brexit.

"Despite a decisive Conservative win last week, we still believe the uncertainties around the transition timeline and the nature of the agreements remain. We downgrade the sector to hold, given the stocks are now trading around our target price estimates, hence fairly valued and offering limited upside at current levels," it said.

It cut its rating on Great Portland Estates, Derwent London and Landsec to 'hold' from 'buy'. GPOR's price target was reduced to 850p from 890p but Derwent's was upped to 3,780p from 3,700p and Ladsec's to 1,020p from 950p.

DB kept its 'hold' rating on British Land and upped the price target to 630p from 580p.

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