Bank of America Cuts Persimmon (LON:PSN) Price Target to GBX 1,300

Key Points

• Bank of America cut its Persimmon price target from GBX 1,600 to GBX 1,300 while retaining a "buy" rating, with the new target implying about a 22.76% upside from the prior close.
• Analyst consensus is a "Moderate Buy" (seven Buy, two Hold) with a mean target of GBX 1,528, while the stock opened around GBX 1,059, below both Bank of America's and the consensus targets.
• Persimmon reported quarterly EPS of GBX 100.70, trades at a PE of 13.35, and has a market cap of about £3.39 billion.

Persimmon (LON:PSN - Get Free Report) had its target price dropped by equities researchers at Bank of America from GBX 1,600 to GBX 1,300 in a report issued on Monday,London Stock Exchange reports. The firm currently has a "buy" rating on the stock. Bank of America's price target points to a potential upside of 22.76% from the stock's previous close.

PSN has been the subject of several other research reports. Berenberg Bank restated a "hold" rating and set a GBX 1,300 target price on shares of Persimmon in a research note on Wednesday, March 11th. Deutsche Bank Aktiengesellschaft lowered shares of Persimmon to a "hold" rating and set a GBX 1,419 price target on the stock. in a research note on Thursday, January 15th. JPMorgan Chase & Co. boosted their price objective on shares of Persimmon from GBX 1,520 to GBX 1,800 and gave the stock an "overweight" rating in a research report on Thursday, December 4th. Jefferies Financial Group lowered their target price on shares of Persimmon from GBX 1,819 to GBX 1,792 and set a "buy" rating for the company in a report on Wednesday, March 11th. Finally, Citigroup increased their target price on shares of Persimmon from GBX 1,613 to GBX 1,615 and gave the company a "buy" rating in a research report on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Persimmon presently has an average rating of "Moderate Buy" and a consensus price target of GBX 1,528.

Persimmon Stock Performance

LON:PSN opened at GBX 1,059 on Monday. Persimmon has a 12 month low of GBX 1,030.50 and a 12 month high of GBX 1,552. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.99 and a quick ratio of 1.04. The firm has a market capitalization of £3.39 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 0.83 and a beta of 1.32. The business's fifty day moving average price is GBX 1,370.04 and its 200 day moving average price is GBX 1,292.40.

Persimmon (LON:PSN - Get Free Report) last announced its quarterly earnings results on Tuesday, March 10th. The company reported GBX 100.70 earnings per share (EPS) for the quarter. Persimmon had a return on equity of 8.05% and a net margin of 7.62%. On average, sell-side analysts anticipate that Persimmon will post 98.2810615 earnings per share for the current fiscal year.

About Persimmon

Persimmon Plc, together with its subsidiaries, operates as a house builder in the United Kingdom. The company offers family housing under the Persimmon Homes brand name; housing under the Charles Church brand name; and social housing under the Westbury Partnerships brand name. It also provides broadband services under the FibreNest brand; and timber frame, insulated wall panels, and roof cassettes under the brand Space4. Further, it offers concrete bricks and roof tile. Persimmon Plc was founded in 1972 and is headquartered in York, the United Kingdom.

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