Broker snap: Land Secs preferred to peers

19th Jan 2011 10:56

Financial services firm Matrix says that property giant Land Securities looks the best value of the three large cap London/retail plays at present and places the stock in its 'add' category.The property group highlighted steady progress with lettings in its interim management statement on Wednesday, noting that it had secured planning consents for its development programme."Management remains confident of the outlook and expects further buying opportunities although recognises that bidding will remain competitive. With regard to the occupational market, it believes there will be mixed news but expects occupational demand from large corporates to remain steady," says analyst Miranda Cockburn.Matrix says the shares look the best value compared to sector peers British Land and Hammerson, and are trading at a discount of 7% to its 2011 net asset value estimate of 752p. The broker therefore retains its 'add' rating and target price of 736p.