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Investing.com - UBS downgraded British Land Company Plc (LON:BLND) (OTC:BTLCY) from Buy to Neutral on Thursday, while lowering its price target to GBP4.10 from GBP4.65.
The downgrade comes as UBS reduced its expectations for capital growth from 2.2% per annum to 1.3% per annum, citing an easing pace of growth from the retail warehouse sector.
Despite the downgrade, UBS noted that British Land is trading at a relatively steep discount of 33% to Net Tangible Assets (NTA) and offers approximately a 6% dividend yield, which the firm believes doesn’t warrant a Sell rating.
UBS analysts expressed concern about their numbers implying a top-line earnings miss for British Land in fiscal year 2026, making them uncomfortable maintaining a Buy rating on the stock.
British Land, one of the UK’s largest property development and investment companies, has seen its outlook adjusted as UBS believes the market has reached the turning point in the yield cycle.
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