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Countryside Properties

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.

Quick facts: Countryside Properties

Price: £2.99

Market: LSE
Market Cap: £1.35 billion
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