RBC Capital lifts Vistry price target after results

(Sharecast News) - RBC Capital Markets lifted its price target on Vistry on Thursday after the housebuilder's half-year results a day earlier, to reflect progress made. The bank kept its rating at 'underperform' but upped the price target to 500p from 475p.

"What a difference almost a year makes - following a very challenging eleven months Vistry is back to its usual self of seeing its glass significantly more than half full," RBC said.

"Riding on the back of a fully UK Government backed social and affordable housing sector Vistry is looking to grow profits for shareholders.

"The scene is set and the lighting on set is flattering, but the actors still need to play their part for the show to be a success. Interestingly, despite the upbeat tone guidance was unchanged, suggesting Vistry is not fully out of the woods just yet."

RBC said it was not ready to change its rating yet, however.

"Vistry is turning its fortunes around, but as they say, 'talk is cheap, but money buys houses'; we are not ready to change our rating yet, but our PT moves to 500p reflect the progress made."

At 1050 BST, the shares were up 2.3% at 582.20p.