Foxtons has been backed by a senior analyst to return to its previous peak earnings.
A note from Singer Capital Markets suggested that with Foxtons’ shares rising 63% over the past six months, investors may question if it can run further.
But Singer analyst Greg Poulton said there is room for growth.
He said: “Rumours of a sale process have likely played a role, but our core thesis does not include this.”
Poulton said: “Guy Gittins is an enthusiastic and experienced chief executive who we believe is up to the task of returning the business to its former glory.
“Whilst there is a long way to go, we believe the foundations are there, with strength and resilience in lettings and the sales business continuing to win share in a still challenging market.
He added that further acquisitions could boost the brand.
The analyst has a target share price of 94p over 12 months for the stock, up from 88p previously.
Foxtons’ share price is currently at around 66p.
Poulton said: “We believe Foxtons is likely to achieve its medium term operating profit target ahead of schedule and we look at the long term potential for a return to peak 2013 operating profit when the shares were priced at 400p.”
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I can't disagree with any of that.
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