JPMorgan analyst Rajesh Patki downgraded Persimmon to Neutral from Overweight with a price target of 1,090 GBp, down from 1,600 GBp. The analyst reiterates cautious stance on the U.K. Housebuilding sector, saying valuations are still above October 2022 levels and there is incremental downside risks to estimates. Potential softening in sales rates from here, given the uncertainty on rates, puts the 2024 volume recovery in jeopardy, the analyst tells investors in a research note. It downgrades Persimmon, noting the previously expected volume recovery in 2024 “could now prove vulnerable.”
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Read More on PSMMY:
- Persimmon price target lowered to 1,000 GBp from 1,212 GBp at Deutsche Bank
- Persimmon price target lowered to 1,200 GBp from 1,250 GBp at Barclays
- Persimmon downgraded to Hold from Buy at HSBC
- Persimmon resumed with a Neutral at Redburn
- Persimmon price target lowered to 1,250 GBp from 1,300 GBp at Barclays