- Berkeley Group Holdings (The)
- 01 April 2026 13:34:51
Source: Sharecast
The bank said that absent Help to Buy, it is difficult to see what will drive housebuilder share prices higher in the near term.
"Asset valuations are back to levels last seen in the Great Financial Crisis and without a powerful catalyst we don't see how to get valuations 'back to the future'," it said.
"The war in Iran has turned newsflow negative lengthening the handle of the hockey stick of recovery. The value proposition is clear, but until newsflow turns positive there is limited fear of missing out."
RBC said it continues to believe Persimmon will outperform, Taylor Wimpey will reward the patient and Crest Nicholson will continue its turn around. All three were kept at ‘outperform’. Persimmon’s price target was cut to 1,350p from 1,750p, while Taylor Wimpey’s was cut to 120p from 155p.
The price target for Crest Nicholson was reduced to 155p from 215p.
RBC upgraded Barratt Redrow to ‘outperform’ from ‘sector perform’ on valuation grounds and lifted the price target to 350p from 425p. It upgraded Berkeley to ‘sector perform’ from ‘underperform’ due to the "robustness" of its business model, keeping the price target at 3,900p.
However, the bank said it sees "darker days ahead" for Vistry, which it kept at ‘underperform’ and slashed the price target to 180p from 385p.
"We would call out Barratt and Persimmon as top of the class, Taylor Wimpey most improved and Vistry well and truly at the bottom," it said.