HSBC upgraded Barratt Developments to Buy from Hold with a price target of 570 GBp, up from 390 GBp. The shape of the housing market downturn and prospects for a "tepid" sector return on invested capital recovery have become more visible, the analyst tells investors in a research note. However, the firm believes the "clearer downturn" is more than priced into the shares of U.K. homebuilders.
Published first on TheFly
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