Countryside Properties got a boost on Monday as Deutsche Bank initiated coverage of the housebuilder at 'buy' with a 426p price target.
“Countryside is the UK's foremost housebuilder specialising in large scale regeneration partnerships,” DB said.

“This partnership business we see as a key differentiator for the stock, providing more consistent over-the-cycle profitability profile, significantly higher return on capital employed, and strong positioning to government policy.”

Last month, the company said it expected annual property sales to rise by 10-15% or more over the medium term as it announced trading in line with its expectations.

In the first 38 weeks of Countryside's financial year, average weekly visitors to its sites rose 3% and the number of reservations per outlet was steady at 0.88 a week. House price inflation was 3% and the cost of building houses increased 3-4%.

At 1450 BST, the shares were up 1.7% to 337.60p.