Persimmon downgraded to Hold from Buy at Jefferies

Jefferies analyst Glynis Johnson downgraded Persimmon to Hold from Buy with a price target of 1,436 GBp, down from 1,485 GBp. Cancelation rates are starting to ease and downside risk to estimates now look "sufficiently conservative," Johnson tells investors in a research note. The analyst believes some "green shoot of recovery" in demand could show through in Q1 of 2023. However, Johnson prefers lower-risk value names in the U.K. homebuilding sector and says Persimmon is trading at a premium to peers.