Shares in housebuilder Barratt Developments PLC (LSE:BDEV) opened flat after the company said it would meet City earnings expectations while maintaining its target for new homes.
Year-to-date forward sales, a key indicator of near-term demand, stood at £2.95bn as of April 23, 2023, up from £2.67bn at the end of January.
Britain’s biggest builder also reported an increase in average weekly net private reservations per active outlet up from 0.49 in January to 0.65.
Analysts at City broker Liberum Capital said the sales rate, while down from 0.95 last financial year, was marginally ahead of their own expectations.
They repeated a ‘buy’ recommendation and 535p price target on Barratt shares. The stock, up 27% in the year to date, marginally ahead of the sector average, opened at 505p, down 0.2p.
Of the 18 banks and brokerages logged as following Barratt, 13 are positive on the stock. The consensus price target is 537p.