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(Sharecast News) - Analysts at Deutsche Bank upgraded their recommendation for shares of Crest Nicholson from 'hold' to 'buy', pointing to the quick remedial actions executed by management to rein in the homebuilder's swollen cost base.
They also revised their target price for the stock from 202.0p to 250.0p.
"Crest has misfired more often than my 14 year old BMW but its current management team - still relatively new to their seats - has a steely (and welcome) determination about it," analyst Jon Bell said in a research note sent to clients.
Bell estimated that the company's administrative expenses would be slashed by nearly a third by the following year in comparison to their levels of 2019.
The relatively new management team had also managed to consolidate approximately two thirds of their targeted £30m per year in procurement saving by the time of Crest's interims.
"The benefits remain latent, obscured by the market's focus on the pandemic, though should bear fruit in the medium term."
They also revised their target price for the stock from 202.0p to 250.0p.
"Crest has misfired more often than my 14 year old BMW but its current management team - still relatively new to their seats - has a steely (and welcome) determination about it," analyst Jon Bell said in a research note sent to clients.
Bell estimated that the company's administrative expenses would be slashed by nearly a third by the following year in comparison to their levels of 2019.
The relatively new management team had also managed to consolidate approximately two thirds of their targeted £30m per year in procurement saving by the time of Crest's interims.
"The benefits remain latent, obscured by the market's focus on the pandemic, though should bear fruit in the medium term."