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Jun 25 2020, 06:45 IST/BST
Construction and Housebuilding
Sector at attractive levels; upgrading Barratt Developments to ‘Outperform’
- Sectors : Construction and Housebuilding
- Companies : Persimmon plc | Redrow plc | Barratt Developments plc | Berkeley Group | Bellway plc | Taylor Wimpey plc | Vistry Group
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Barratt Developments plc | OUTPERFORM | 25/06/20 | Neutral | 24/03/14 | 499p |
| Bellway plc | OUTPERFORM | 24/03/14 | Neutral | 10/09/13 | 2531p |
| Berkeley Group | UNDERPERFORM | 10/09/13 | Under Review | 21/05/13 | 4423p |
| Persimmon plc | UNDERPERFORM | 10/09/13 | Under Review | 21/05/13 | 2276p |
| Redrow plc | NEUTRAL | 10/09/13 | Under Review | 21/05/13 | 466p |
| Taylor Wimpey plc | OUTPERFORM | 10/09/13 | Under Review | 21/05/13 | 144p |
| Vistry Group | OUTPERFORM | 10/09/13 | Under Review | 21/05/13 | 730p |
DAVY VIEW
The sell-off in the UK housebuilders’ sector has provided an opportunity to enter the sector at historically attractive valuations. In this report, we upgrade Barratt Developments to ‘Outperform’ and have a constructive stance on the sector generally. Our top picks in the universe are Barratt Developments (price target 628p) and Bellway (price target 3,388p).
