Stifel upgrades Barratt Redrow, Crest Nicholson
By Michele Maatouk
Date: Friday 11 Oct 2024
(Sharecast News) - Stifel adjusted its ratings on several UK housebuilders on Friday, upgrading Barratt Redrow and Crest Nicholson to 'buy' from 'hold' on the back of underperformance and a compelling valuation, respectively.
However, Vistry was cut to 'hold' from 'buy' after the recent profit warning, and Bellway suffered the same downgrade due to outperformance.
"Fundamentals and an expert panel point to a strengthening housing market, which should underpin rising house price, unit completions and margins for the UK housebuilders," Stifel said.
It added that recent bond market moves show the importance of the upcoming Budget as an obstacle to be cleared.
Stifel's top picks remain Persimmon, Taylor Wimpey and MJ Gleeson.
It said Persimmon and MJ Gleeson both have attractive exposures to the north and first-time buyers.
Meanwhile, Taylor Wimpey has land, sites and a "predictable" dividend.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN