Broker upgrade8 Mar 2021 18:52
BUZZ – Vistry Group: Brokerages raise PTs on strong outlook, 'partnership' business growth
8 March 2021 12:48
* Brokerages J.P. Morgan and Peel Hunt raise their price targets on the UK homebuilder's stock ; shares up 5.5% to 979p
* Peel Hunt (PT: 1300p, "buy"), pointing to recent FY20 strong results and 2021 outlook, says recent trading has been positive and the govt's new mortgage guarantee scheme is helpful for the overall market... ...
* Adds, the shares have lagged the sector and now trade on a material discount valuations despite the attractions of its growing Partnerships business
* Given the huge demand for affordable housing, we expect Partnerships will remain a capital-light model and so will throw off strong cash flow - Peel Hunt
* JPM (PT: 980p, "neutral") believes while VTYV's outlook incorporates strong growth in the Partnerships business (both on topline and margins), the market is likely to wait for evidence on delivery
* British house price growth picked up unexpectedly last month, mortgage lender Nationwide said last week, defying expectations of a slowdown...
* Stock down ~4% YTD as compared to 0.3% decline in wider FTSE 350 Household Goods Index
So one buy and one neutral was it really these upgrades that pushed sp up so much today still the reaction seems a bit too much don't get me wrong I have no complaint!