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Investing.com - RBC Capital downgraded Bellway Plc. (LON:BWY) from Outperform to Sector Perform and lowered its price target to GBP31.50 from GBP36.00 on Wednesday.
The downgrade follows Bellway’s FY2024 results, where the homebuilder announced plans to deliver volume growth of approximately 10% over the next two years.
RBC Capital noted that Bellway currently has detailed planning permission on all sites required to meet its volume targets based on current sales rates, and believes the company remains on track to deliver on its guidance.
The investment firm’s RBC Elements data, however, suggests Bellway may face greater challenges than previously anticipated in achieving its FY2026 volume targets.
RBC Capital’s site numbers and "sites coming soon" tracker indicates that growth beyond FY2026 may not reach levels the firm had previously projected.
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