Barclays analyst Emily Biddulph initiated coverage of Barratt Developments with an Overweight rating and 509 GBp price target. The analyst yesterday initiated coverage on the U.K. housebuilders and merchants with a Neutral view, seeing an "increasingly tough" near-term outlook. Biddulph expects meaningful house price declines by 2024 and weaker home improvement markets. However, double-digit price declines are already priced in and balance sheet strength "means it really is different this time," Biddulph told investors in a research note. Barratt, Redrow, Taylor Wimpey and Berkeley are her favored housebuilders.
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