Crest Nicholson Downgraded, Target Price Slashed 65%

Deutsche Bank cut Crest Nicholson rating to “hold” from “buy” and reduced target price to 79p from 228p.
Company lowered FY26 volume outlook by ~11% and halved land‑sale revenue forecasts, citing weakening visitor enquiries and deteriorating land market.
Guidance now shows EBIT margins of 1‑3% in FY26 versus 6% in FY25, with pre‑tax loss expected and covenant relief sought.
Analyst Chris Millington noted reservation rates remain stable despite Middle East war, but visitor/enquiry weakness and land market decline raise trading uncertainty.