Deutsche Bank lowers target price on Countryside Partnerships

27th May 2022 11:09

(Sharecast News) - Analysts at Deutsche Bank lowered their target price on housebuilder Countryside Partnerships from 342.0p to 260.0p on Friday, stating the group was "striving to get back on track".

Deutsche Bank said recent times had been "very challenging" for Countryside, culminating in a "disappointing" first-quarter trading update as the shares delivered the sector's worst performers since the start of 2021.

"We reduce our pre-tax profit forecasts by circa 30-50%, cut our target price by 24% to 260p and retain our 'hold' rating," said DB.

The German bank also noted that management changes were continuing at Deutsche Bank, with Tim Lawlor's appointment as CFO filling the gap left by Mike Scott's departure to Barratt Developments.

"The company is yet to announce a new CEO, following the departure of Iain McPherson, but has appointed Mike Woolliscroft (CEO Partnerships South) and Phil Chapman (CEO Partnerships Home Counties) as co-heads in the interim," added Deutsche.

Reporting by Iain Gilbert at Sharecast.com