Taylor Wimpey PLC downgraded by Deutsche Bank after bullish update

PLC () shares have been downgraded by after the housebuilder’s bullish update at the start of the week.

“There’s never a dull moment in the House of Taylor Wimpey,” analyst Jon Bell said in a note to clients on Tuesday.

The FTSE 100 group said on Monday that now it is back up to full capacity, with strong demand in the market, it now expects this year’s profits to be at the upper end of expectations and that next year’s will be well above the latest consensus forecasts.

“Still dusting themselves off from the bruising reaction to their interims in late July, here they are again with a positive message and all the adulation that comes on a day when we see the most promising signs yet of a vaccine,” Deutsche’s housing analysts said.

But after yesterday’s significant rise, with the shares rising around 19%, the investment bank moved from a ‘buy’ to a ‘hold’ recommendation, though upped its price target from 135p to 147p.