Persimmon upgraded to Buy from Hold at HSBC

HSBC upgraded Persimmon to Buy from Hold with a price target of 1,550 GBp, up from 1,410 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.