Numis upgraded its rating from “buy” to “add” following an interim statement which, stated the broker, “points to improved volume and margin guidance” and “shows that Bellway’s strong and early level of investment post downturn is feeding through to top-quartile returns”.
Canaccord Genuity upgraded its rating from “hold” to “buy” and dropped its target price to 2,340p from 2,725p. The broker said the valuation of the firm “looks compelling” and added: “On a six- to 12-month view, we believe the risk/reward profile is heavily skewed to reward.”
Panmure Gordon reiterated its “buy” rating following an update on the firm’s proposed acquisition of rival shipbroker Platou. Clarksons revealed last week that Ragnar Horn, current non-executive chairman of Platou, will no longer join the company board upon completion of the deal.