Barclays upgrades John Laing on improving outlook

The bank, which cut its price target to 365p from 395p, said the stock’s valuation does not reflect an improving outlook.

"After a series of NAV downgrades in recent reporting, we see the net asset value risks reflected in John Laing's 286p share price," it said. "With the valuation of 0.85x NAV at a marked discount to its longer term (1.01x) and to its peer group average (1.17x), we see potentially better near-term newsflow unreflected in the current share price."

Barclays said second-half events that could deliver both a better NAV profile and better sentiment include: a refreshed strategy from new chief executive Ben Loomes, a pickup in portfolio activity, and further investor demand for high quality and ESG (environment, social and governance) compliant real assets.

At 1020 BST, the shares were up 3% at 298.60p.