We have upgraded our Barratt earnings estimates by 6-8% across the forecast period on volume, price and margins following a positive recent trading update. We are encouraged that Barratt reported its strongest sales rate this cycle and that house price inflation is now spreading to the new build sector. We have raised our target price to 810p (from 775p) and maintain our Hold rating. We see better value in Persimmon among the large caps and wider value in the small caps, notably MJ Gleeson, Bellway and Redrow.
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