Land Securities downgraded to Reduce from Buy at HSBC

HSBC analyst Stephen Bramley-Jackson downgraded Land Securities to Reduce from Buy with a price target of 485 GBp, down from 648 GBp. The latest inflation data followed by the higher than expected increase in policy rates by the Bank of England and upward revision of peak policy rates by forecasters point towards another round of asset price mark-downs across the real estate sector, the analyst tells investors in a research note. The firm downgraded all its ratings to Hold or Reduce in the U.K. real estate sector.