BT Group PLC (LON:BT.A) shares were hit by a downgrade from Berenberg on Tuesday, sparked by concerns about the pressure on the telecoms group's business-facing divisions.
The rating on the stock was cut from 'buy' to 'hold', with the share price target trimmed to 190p from 220p.
Shares fell back 1% on the news.
Planning delays hit Inland Homes
Shares in Inland Homes Plc (LON:ILND) crashed 34% today after the company reported unforeseen planning delays for two major schemes under its Land and Asset Management segments.
As a result, the timing of land disposals have been revised meaning the financial benefits would not be registered until the next financial year ending September, 2023, the group said.
The two schemes were expected to contribute over £75mln in revenue and "significant" profitability to the group and as a result Inland Homes said it now expects to report a pre-tax loss of £37.1mln for the full-year and a £29.3mln operating loss.
The group did add though that if a land sale is completed before September 30, 202, then it would make a pre-tax loss of £12.1mln and an operating loss of £4.3mln.
The group’s CEO, Stephen Wicks, is also to stand down at the end of the month.
Berkeley Group advances after resilient trading update
Berkeley Group Holdings PLC (LON:BKGH) (LSE:BKG) topped the FTSE 100 risers with shares rising 4.47% after the housebuilder said it was on target to meet its full year profit target.
Forward sales rates are expected to be “marginally” ahead of last year’s £2.17bn, with the group seeing a “good level” of demand.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown (LON:HRGV) said: “Berkeley Group has put in a resilient showing, despite soaring cost inflation which is marring the entire sector.”
“The reason profits have been left without too much bruising is because sale prices are high enough to offset the housebuilder’s fatter bills.”
“This is a dynamic being seen almost across the board, but the longevity of the pattern is a question mark for Berkeley” she cautioned.
RBC raises Aviva (LON:AV) price target
Shares in Aviva advanced 2.2% on Tuesday.as RBC Capital Markets remained upbeat on insurer, Aviva PLC, increasing its price target to 510p from 420p and reiterating its outperform rating.
In a note published today the broker said “given its strong capital generation, we expect that Aviva can balance enhanced shareholder returns and reinvestment into growth.”
RBC said this has historically been an area of concern for investors.
RBC calculated that Aviva could undertake buybacks of up to £450mln per annum and can generate growth to support long-term dividend per share compound annual growth of 4%.