Berenberg slashes Vistry targets after 'horrible Q4'
Berenberg has slashed its forecasts and target price for after an unscheduled profit warning from the housebuilder on Christmas Eve, saying that the company may need to reconsider its financial targets.
"Vistry's third profit warning in three months capped a horrible Q4 for the company and its shareholders, with the share price now down over 50% from its mid-year high," Berenberg said in a research note on Friday.
Vistry revealed last week that its adjusted pre-tax profit guidance has been scaled back to £250m from £300m, representing a 47% reduction from before its first profit warning in October. Net debt forecasts were also lifted to £200m from earlier guidance of
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