MARKET TALK: Morgan Stanley Lowers Barratt Developments Target

2nd Aug 2010 12:33

1133 GMT [Dow Jones] Morgan Stanley lowers Barratt Developments (BDEV.LN) target price to 180p from 230p. Says that near-term risks include an inflection in house prices, leading to write-downs, and the UK government's detailed spending review in October. "However, with the stock trading at just 0.5x tangible NAV and pricing in a very weak housing market outlook and a high risk of further asset impairments, there is value on offer for the patient investor, in our opinion," says brokerage. Keeps overweight rating. Shares +4.2% at 100p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires August 02, 2010 07:33 ET (11:33 GMT)