JPMorgan analyst Zaim Beekawa downgraded Berkeley Group to Neutral from Overweight with an unchanged price target of 4,800 GBp. The firm refreshed its sector and stock-level views on the UK housebuilding sector. Despite the backdrop of a “likely subdued” 2024 from an operational perspective, the analyst is taking a more positive stance on the sector this year, seeing scope for likely positive sentiment and news flow from the upcoming UK election before positioning for a recovery in 2025, likely aided by rate cuts.
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