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Goldman Sachs has started covering the housebuilder with a “buy” rating and a 530p target, as it lifts its forecasts for the entire industry. While GS thinks Rightmove, Persimmon and Talyor Wimpey are the best plays on the UK housing recovery, it likes Crest Nicholson’s exposure to higher margin land.
Investec has cut the broadcaster from “hold” to “reduce” with a target price of 825p. The broker has trimmed its earnings predictions to reflect higher costs, as the firm splashes out on ads to compete with new rival BT Sport.
MARKS & SPENCER
Nomura has kept its “buy” rating and 540p target, despite a wave of other brokers downgrading the retailer to reflect sluggish clothing sales. The broker believes the benefits of the new autumn collection are yet to filter through, and that M&S performs well on free cash flow yields.