Barclays double upgrades Hammerson to ‘overweight’

Barclays upgraded Hammerson on Friday to ‘overweight’ from ‘underweight’ and lifted the price target to 30p from 25p.

The bank said current management has largely done the right things.

"Post the inherited equity issuance in 2020, it has written down and continued to dispose of assets and looked to conserve cash," it said.

"It was a painful transition, not helped by Covid, hence our UW rating, but we now turn more constructive and upgrade to OW, with a 30p PT."