Home Truth for Taylor Wimpey From Citigroup ; Market Round-Up

Evening Standard - London › July 04, 2007

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Summary

FURTHER evidence of a slowdown in Britain's housing market and the continuing slump in US home sales do not bode well for newly merged housebuilder Taylor Wimpey.

That is the view of Citigroup, which has downgraded the shares from buy to hold and slashed its target price from 490p to 415p. Taylor Wimpey is the result of the get-together of Taylor Woodrow and George Wimpey, which created the country's biggest housebuilder.

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Home Truth for Taylor Wimpey From Citigroup ; Market Round-Up

The American broker says its new pre-tax profit forecast for the combined business is 635 million for this year and 772 million for 2008. But it warns the UK trading outlook remains uncertain, with hi...

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