Stifel upgrades Barratt Redrow, Crest Nicholson
Taylor Wimpey
130.05p
08:25 14/11/24
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.
Barratt Redrow
400.10p
08:25 14/11/24
Crest Nicholson Holdings
151.40p
08:24 14/11/24
FTSE 100
8,014.45
08:25 14/11/24
FTSE 250
20,349.26
08:25 14/11/24
FTSE 350
4,426.81
08:25 14/11/24
FTSE All-Share
4,385.08
08:25 14/11/24
Household Goods & Home Construction
11,177.68
08:25 14/11/24
Persimmon
1,233.00p
08:25 14/11/24
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.