Land Securities upgraded to Outperform from Market Perform at Bernstein

Bernstein analyst Ben Richford upgraded Land Securities to Outperform from Market Perform. The firm says the interim results strengthened its conviction that the European property sector is “at around the bottom of its current cycle.” Although rental growth has subsided as inflation has been tamed, landlords retain pricing power for high quality real estate across sub sectors and yields are at around a peak from which select yield compression will come into view, the analyst tells investors in a research note. Bernstein believes the downward cycle is over for the European property sector.