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Countrywide slumps on Jefferies downgrade

Tue, 25th Oct 2016 08:52

(ShareCast News) - Countrywide was under the cosh on Tuesday as Jefferies downgraded the stock to 'hold' from 'buy' and slashed the price target to 180p from 300p. The bank cut its calendar year 2016 earnings per share estimate by 24% and its estimate for 2017 by 31% on the back of weak housing transaction data from the Land Registry, weak mortgage approval data and its view that Countrywide will scale back its expansion for as long as stamp duty levels and Brexit uncertainties temper activity in the UK housing market.The Land Registry published data for June last week that showed transactions in England were down 32% year-on-year and 54% in inner London. In the year to 30 June, housing transactions were down 5% in England and 16% in inner London.Jefferies argued that the last two stamp duty changes have disrupted the UK housing market, slowing the upper end and causing to unusual behaviour in the buy-to-let market."What should have been a period of short-term pain, while price expectations adjust, is still slowly playing out. We also believe that the creation of a two-tier stamp duty market acts as a brake on transaction levels. When we add 'Brexit uncertainty' into the mix, potential homebuyers have more reason to play a waiting game with respect to house purchases, and falling transaction levels are a key driver of our estimate cuts today.""While the group has a deliberate and broad diversification of business units, it is exposed in many forms to the underlying UK housing market; weakness/strength in house prices, transactions or the private rented sector may lead to changes in our estimates."At 0933 BST, the shares were down 4.5% to 192.86p.

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24 Nov 2016 16:41

London close: UK stocks subdued on US Thanksgiving as resources in focus

(ShareCast News) - UK stocks were in cautious form all day Thursday, with global markets generally subdued as traders in the US put their feet up for a Thanksgiving break. The FTSE 100 closed up 0.17% to 6,829.20. The FTSE 250 ended the session down 0.18% to 17,590.62. On the blue-chip upside, seve

24 Nov 2016 12:00

LONDON MARKET MIDDAY: Countrywide Shares Sold Amid Quiet Market

24 Nov 2016 07:34

Countrywide tumbles to new low on Brexit profit warning

(ShareCast News) - Estate agent Countrywide warned that operating profits will be lower than expected for the full year, due to a "tough" residential market as a result of a change in stamp duty and the EU referendum. The FTSE 250 company said due to reduced transactions in the second half of the ye

23 Nov 2016 14:54

2nd UPDATE: Government Letting Fee Ban Will Drive Up Rents - Savills

23 Nov 2016 11:56

LONDON MARKET MIDDAY: Estate Agents Sold Ahead Of UK Autumn Statement

23 Nov 2016 09:24

Estate agents stung by Chancellor's ban on letting fees

(ShareCast News) - In his Autumn Statement, Chancellor Philip Hammond announced he planned to clamp down on letting agent fees, sending estate agents shares lower on Wednesday. Shares of companies in the sector were sharply lower in early trade, with Foxtons were down 9%, Countrywide losing 5% and L

11 Nov 2016 12:19

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25 Oct 2016 10:11

Broker tips: Howden Joinery Group, Segro, Countrywide

(ShareCast News) - Howden Joinery Group shares dropped on Tuesday as Berenberg lowered its recommendation on the stock to 'hold' from 'buy' and cut the target price to 450p from 550p. Berenberg said the supplier of kitchens and joinery products is seemingly one of the most exposed companies in its U

25 Oct 2016 10:10

Tuesday broker round-up

(ShareCast News) - Segro: Barclays keeps at overweight with a target price of 520p. Howden Joinery: Berenberg downgrades to hold, 450p target. Standard Chartered: Deutsche Bank reiterates sell with a 574p target. Cobham: UBS reiterates neutral with a 160p target. Cobham: Barclays reiterates equal

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