Forsyth Barr retains outperform on Summerset but cuts target price

Wed, 11 Jan 2023

Forsyth Barr analysts kept their outperform rating on Summerset Group but slashed their 12-month target price by 7.1% after fourth-quarter sales data from the retirement village developer.Summerset Group noted tough market conditions in the final quarter of 2022 but said settlements were up on the year.“The glass-half-empty takeaway is that sales are taking longer to settle and that unit prices have plateaued while the glass-half-full approach notes that demand is still strong and prices are holding up despite the largest nominal decline...

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