MARKET TALK: Investec Upgrades Barratt, Persimmon To Buy

9th Jun 2010 09:04

0804 GMT [Dow Jones] Investec upgrades Barratt Developments (BDEV.LN) and Persimmon (PSN.LN) to buy from hold, keeping the price targets at 110p and 414p, respectively. Is now a buyer of all the leading house builders. Still has short-term concerns about the market post-election but says they look "downright cheap" now. Notes that the sector has fallen 17% in three months and 23% year-to-date. Says: "Our recommendation is based on long-term investors selectively taking advantage of short-term volatility." Favors Redrow (RDW.LN), Bellway (BWY.LN) and Berkeley (BKG.LN) based on management, geography, product and their track record. Barratt shares are +2.4% at 98p and Persimmon +1% at 363p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 09, 2010 04:04 ET (08:04 GMT)