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Investing.com - RBC Capital downgraded Taylor Wimpey Plc. (LSE:LON:TW) (OTC:TWODF) from Outperform to Sector Perform, while reducing its price target to GBP1.35 from GBP1.50.
The downgrade comes despite RBC Capital maintaining a positive long-term outlook on the British homebuilder, citing its "very strong strategic landbank" and infrastructure capable of supporting significantly higher volumes.
RBC Capital identified opening new sites as Taylor Wimpey’s main challenge, suggesting this issue will "hamper Taylor Wimpey’s efforts to reach its full potential" in the near term.
The firm noted that while the new National Planning Policy Framework (NPPF) theoretically provides what Taylor Wimpey needs to achieve its growth goals, implementation depends on cooperation from local authority planning departments.
RBC Capital concluded that until local authorities "start dancing to the new NPPF tune," Taylor Wimpey’s growth prospects may be constrained despite its strong fundamentals.
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