Shaftesbury Capital downgraded to Hold from Buy at Berenberg

Berenberg downgraded Shaftesbury Capital (CCPPF) to Hold from Buy with a price target of 151 GBp, down from 174 GBp. The firm says its real estate coverage offers an average 5.3% dividend yield and a 9.6% total income return. This return is currently higher than the 8.5% expected total return on offer from UK equities, “marking an inversion of the typical risk/return hierarchy,” the analyst tells investors in a research note.