Panmure Gordon reviews forecasts for Taylor Wimpey

26th Feb 2014 10:40

Broker Panmure Gordon is reviewing its forecasts for Taylor Wimpey following "strong" annual results, but said it was keeping a 'hold' recommendation on the house-builder for the time being.Panmure said it was likely to raise its earnings per share forecast on Taylor by between 1% and 3% after Taylor said EPS was 6.7p. Panmure has a 2014 EPS forecast of 9.46p.But the broker said it was set to trim its forecast of net asset value, which for 2013 came in at 69.6p, below Panmure's 73p forecast.Taylor increased annual operating profits by 39 per cent to £312.9m and revenue in the year to December 31st by 13.7% to £2.3bn. It also said it was returning about £250m to shareholders, of which £50m would be in 2014 and £200m in 2015. Panmure said: "We recognise the value being delivered through early paymentsof cash back to shareholders. For now, we maintain our 112p target price and 'hold' recommendation."Shares in Taylor fell 5.2p or 4.1% to 122.7p at 10:53 in London.PW