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Citigroup upgrades U.K. homebuilder Redrow to buy

LONDON (MarketWatch) — Citigroup upgraded U.K. home builder Redrow to buy from sell on Thursday. “Our work suggests that a 30% plus fall in house prices is being priced in,” the broker said. It believes that the market may be underplaying the sector’s cash flow. “At break even, the sector should still generate cash over the next few years,” it added. “The immediate newsflow is likely to remain very poor and so short-term investors need to be very careful. For longer-term investors, we view this as an excellent buying opportunity,” the broker said. Citigroup is sticking with a buy rating on Berkeley , Bellway and Persimmon .
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Original post by Forextvblog

This entry was posted on Wednesday, June 18th, 2008 at 11:45 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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