Sharecast News
27 May, 2022 13:52

Deutsche Bank lowers target price on Countryside Partnerships

dl countryside properties housebuilder house home builder construction development residential ftse 250 min
Countryside PropertiesCompany photo / Countryside

Analysts at Deutsche Bank lowered their target price on housebuilder Countryside Partnerships from 342.0p to 260.0p on Friday, stating the group was "striving to get back on track".

Deutsche Bank said recent times had been "very challenging" for Countryside, culminating in a "disappointing" first-quarter trading update as the shares delivered the sector's worst performers since the start of 2021.

"We reduce our pre-tax profit forecasts by circa 30-50%, cut our target price by 24% to 260p and retain our 'hold' rating," said DB.

The German bank also noted that management changes were continuing at Deutsche Bank, with Tim Lawlor's appointment as CFO filling the gap left by Mike Scott's departure to Barratt Developments.

"The company is yet to announce a new CEO, following the departure of Iain McPherson, but has appointed Mike Woolliscroft (CEO Partnerships South) and Phil Chapman (CEO Partnerships Home Counties) as co-heads in the interim," added Deutsche.

Reporting by Iain Gilbert at Sharecast.com


News Source: © 2022 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.