JPMorgan lifts Segro price target after 'constructive' FY results

(Sharecast News) - JPMorgan lifted its price target on Segro on Wednesday to 915p from 885p as it took stock following "constructive" full-year results. "After a recovery from the lows - up 39%, to the end of last week - Segro (and broader listed real estate) is down circa 5% as uncertainty but also inflation / central bank expectations are repriced," the bank said.

"We take stock, update for constructive FY results - that granted were before the US-Iran conflict - and still see it as one of the best placed names in European property."

JPM said there are a number of visible drivers for growth and there is growing optimism that underlying market trends have turned the corner.

The bank, which rates the shares at 'overweight', said its new price target "offers 15% upside with a blue sky scenario offering 35%".

At 1050 GMT, the shares were up 0.3% at 798p.