British Land PLC has received a chunky share price target from Barclays, though the bank is still uncertain about the recovery at the FTSE 100 property giant.
Interim results from British Land showed an increase in NAV, a return to profit and a hefty hike in the dividend.
Barclays acknowledged the improvement in a new price target 500p, up from 450p, which is based on significant NAV upgrades, while an improving rental collection rate will boost earnings.
Even so, the bank said it is cautious on forward-looking total returns hence its investment rating remains ‘underweight’.
Shares today fell 3.2% in line with the market overall to 520.6p.