Broker snap: KBC upgrades LandSecs

15th Jul 2009 11:12

Cash-strapped real estate investment trust Land Securities has made good progress selling off assets since its rights issue and with the share price having shifted into reverse since the company's May trading update, the time is right to buy the shares, broker KBC Peel Hunt asserts.Wednesday morning's trading statement was broadly positive and in line with expectations, KBC said. The broker has upgraded the stock from "hold" to "buy" while leaving its earnings forecasts unchanged. "The company has made good progress selling down post the rights issue with over £500m of sales since 31 March (this is roughly half what we expect the company to sell post the rights issue)," KBC stated.The broker has a price target of 490p for the stock.