Proactive Investors - Run By Investors For Investors

JPMorgan ups Countryside Properties to ‘neutral’ on valuation grounds and earnings outlook reassurance

The US bank said that following a 17% underperformance by the FTSE 250-listed stock versus the sector in the year to date, it now views the shares as “more fairly valued"
Countryside property
JPMorgan left its target price for Countryside unchanged at 375p, offering around 12% upside potential to the current level of 335p

JPMorgan Cazenove has upgraded its rating for Countryside Properties PLC (LON:CSP) to ‘neutral’ from ‘underperform’ on valuation grounds and after the mid-cap housebuilder reassured on its earnings outlook earlier this week.

The US bank said that following a 17% underperformance by the FTSE 250-listed stock versus the sector in the year to date, it now views the shares as “more fairly valued”.

READ: Countryside Properties to meet full-year expectations as second half recovers

In a note to clients, JPMorgan’s analysts said: “Following yesterday’s reconfirmation of full year guidance, and commentary that sales rates have improved through Q2, we also see less scope for a repeat of 2018’s consensus earnings cuts.”

They left their target price for Countryside unchanged at 375p, offering around12% upside potential to the current level of 335p.

View full CSP profile View Profile

Countryside Properties Timeline

Related Articles

Kazakhstan
November 20 2018
Borko Moric will succeed Parilla as chief executive officer. Bojan Moric will become the company's chief operations officer
Platinum
January 04 2019
In its outlook for 2019, the firm said the focus was now “not only on continuous improvements in feed grade and recoveries but on expanding the business into new jurisdictions”

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use