Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Berenberg ups targets for Vistry but risks remain
(Sharecast News) - Berenberg has hiked its target price for partnerships-focused affordable-housing builder Vistry by 15% but kept a 'hold' rating on the stock, saying the company is "well positioned, but delivery risk remains". The broker has lifted its target for the shares from 894p to 1,030p, but said the recent strong share-price performance means the stock offers fair value for now.
Vistry's shares, up 2% on Thursday at 1,242p, have now risen nearly 37% since the start of 2024 and by 70% over the past 12 months.
"We do not propose that Vistry's new strategic model is better or worse than its traditional peer group, but it is clearly differentiated," the broker said.
"By establishing an operating framework that will deliver a significantly higher proportion of affordable housing (as well as private rented sector housing) than the traditional model, Vistry is well positioned to benefit from a growth tailwind given the structural demand in that market segment - a clear positive, in our view."
Furthermore, this partnership model reduces sales risk - 65% on a typical site is already pre-sold - and the company's capital invested in each development.
However, Berenberg still holds reservations: "Our primary concern is operational delivery, noting that ambitious volume growth places challenges on the group in terms of land (sourcing and achieving appropriate planning), partners (agreeing contracts at appropriate volume and margin terms) and build (subcontractors and product quality) - all of which intensify more each year as volume output grows."
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.