Jefferies downgraded Derwent London (DWVYF) to Underperform from Hold with a price target of 1,550 GBp, down from 1,820 GBp. The “drop, build, sell, repeat” model “appears broken,” argues the analyst, who sees the company giving long-term guidance for earnings to grow 30% by FY30 to compensate for “anemic returns.”
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