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Investing.com - Stifel downgraded Crest Nicholson (LON:CRST) stock rating from Buy to Hold on Monday, while reducing its price target to GBP1.90 from GBP2.25.
The downgrade reflects Stifel’s more cautious stance on the homebuilder, citing Crest Nicholson’s significant exposure to southern markets where trading conditions have reportedly weakened more than in other regions.
Stifel highlighted the company’s larger-than-average legacy building costs as another concern, noting that provisions for these expenses have been increasing.
The research firm expressed skepticism about Crest Nicholson’s projected margin improvements, which it described as being at a higher rate than industry peers.
Stifel indicated its downgrade represents a "prudent view" based on lessons learned from recent industry reports, suggesting a more conservative outlook for the homebuilder’s performance.
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