Berkeley Group initiated with a Hold at Stifel

Stifel initiated coverage of Berkeley Group with a Hold rating and 4,630 GBp price target. The analyst initiated coverage of the nine largest listed UK housebuilders. Housebuilders have made excellent investments from the start of cycles and labor policy is key for the sector’s outlook, the analyst tells investors in a research note. The firm says that if labor can improve planning outcomes as it has pledged, volumes would be less constrained.