Broker snap: Panmure upgrade boosts Persimmon
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Shares in Persimmon moved higher after Panmure Gordon upgraded its recommendation on the housebuilder to 'buy' from 'hold' in an otherwise downbeat review of the UK sector.
The broker said it was lowering forecasts on the sector after Taylor Wimpey's weak trading statement last week, but added that it was not changing target prices as a housing market crash is already factored into share prices.
It has a 787p target price on Persimmon.
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Panmure cut its earnings per share forecasts on the company by 19.7% for 2008 and by 23.3% for 2009.
It also lowered EPS estimates on Barratt, Bellway and Bovis.
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