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Berenberg cuts Crest Nicholson price target, EPS forecasts
(Sharecast News) - Berenberg cut its price target on Crest Nicholson on Wednesday to 180p from 195p as it lowered its earnings per share forecasts by 20% on average after the housebuilder's trading statement a day earlier. The bank said challenging market conditions have resulted in FY25 profit coming in at the low end of expectations, which results in downgrades to its - and consensus - forecasts.
"Notwithstanding weaker trading, we note the progress the new management team is making on operational improvements, which will stand the company in good stead when customer demand recovers," it said.
"We also note a compelling TNAV valuation. However, without an obvious near-term catalyst, we retain our hold rating."
Berenberg pointed out that Crest Nicholson said FY25 pre-tax profit would be at the low end or "marginally below" its prior guidance range of £28m to £38m.
"Our prior PBT forecast of £34m was around the midpoint of the prior company guidance range, which we cut by 18% to the low end of the range (£28m).
"Reflecting an assumption of lower (but still positive) volume growth and margin recovery, we also cut our 2026 and 2027 PBT forecasts by 23% and 20% respectively.
"Overall, we cut our PBT and EPS forecasts by c20%, on average, over the period 2025-27."
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