British Land upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded British Land to Neutral from Sell with a 350 GBp price target. The firm had previously downgraded the stock due to its higher relative LTV and City-of-London Office exposure, which had been expected to underperform, but following Meta’s GBP149M surrender premium at 1 Triton Square which benefited LTV, a more recent positive change in the occupier market, and a net positive cost of capital adjustment in favor of Retail exposure, Goldman Sachs no longer sees downside in its valuation framework, the analyst tells investors in a research note.