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Foxtons recovery as it bats off sales slump

Shares in Foxtons start the week at 244 after staging a dramatic stock market recovery following a poor set of figures.

The London agency’s share value rose by over 2.0 per cent on Friday following a 7.4 per cent rise on Wednesday, at a time when many thought the company would receive a drubbing from investors following release of figures showing a 21.4 per cent drop in pre-tax profits in the first half of this year, from £23.1m to £18.1m.

Only a week ago the FT Markets Data service was saying that the consensus forecast amongst seven polled investment analysts covering Foxtons was to merely ‘hold’ shares. 

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But Canaccord Genuity and Numis Securities have both reiterated earlier ‘Buy’ ratings - the latter, in a note to investors at the end of last week, pointing to what it believed was a potential upside of 21 per cent from the company’s then-share price. 

Not everyone is confident the agency - which has had a see-saw share price since floating almost two years ago - will continue to bounce back, however. 

Stockbroker advisory service Peel Hunt has a ‘Sell’ recommendation, commenting that Foxtons’ lettings service - which has performed strongly during the difficult sales period - now had more risks. 

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