Land Securities and British Land upgraded as JP Morgan sees retail turning a corner

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British Land’s mammoth 53-acre, 5m sq ft regeneration at Canada Water is a;also finally here. Reopening recovery hopes have prompted upgrades for FTSE 100 property heavyweights PLC () and PLC () form JP Morgan. The US broker said Landsec’s’ share price has underperformed retail and office peers on a three month and six month basis, but applying peer group multiples shows significant upside. Landsec’s development pipeline positioning vs peers, UK retail values bottoming and retail parks performance also work in is favour, with its rating moving to overweight. British Land also gets an upgrade to overweight alongside a price target hike to 600p (550p). "Supporting the upgrade is our belief that UK retail – after a multi-year decline – is turning the corner. With this in mind, we see March 2022 consensus NAV (-3% YoY) as too bearish (JPMe: +3%). "Although there remains a risk around restrictions, we find six encouraging trends that support the outlook for phys
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