This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Trade Parameters
Observations – For
Observations – Against
Attractive bullish breakout from 2-month sideways channel. Broker consensus is Bullish, with 62% of analysts saying Buy and only 12% advocating Sell. Recent positive uptick in Halifax Housing Index (showing a recovery from April) could induce the remaining 25% of brokers to upgrade their ratings.
Low interest rates, no rate hike imminent. Attractive 7.2% dividend yield.
A healthy 81% of broker target prices are suggesting an upside from current levels. Average broker 12-month target price (638p) is well in excess of our profit goal of 620p.
Next Event: FY Sales and Revenue – Trading Update, 11 July
Latest Broker 12-Month Consensus: 62.5% Buy, 25% Hold, 12.5% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
| Share | 1wk | 1m | 3m | 6m | 1yr | 2yr | 3yr | 4yr | 5yr |
| Perf % | 6.8 | 3.8 | 9.0 | -4.2 | -0.3 | 2.5 | -1.6 | 58.9 | 84.3 |
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research