Goldman upgrades Great Portland, Derwent London
Goldman Sachs upgraded its stance on Great Portland Estates and Derwent London on Friday.
GPE was lifted to ‘neutral’ from ‘sell’ and the price target to 400p from 360p. The bank said it expects West End market locations, particularly "core", to deliver a better fundamental asset performance than previously anticipated.
Meanwhile, Derwent was upgraded to ‘buy’ from ‘neutral’ and the price target bumped up to 2,090p from 1,960p.
Goldman said it has greater confidence in West End market fundamentals and that the 14% share price underperformance versus peers in the last three months has created a "steep" valuation discount.