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Foxtons given “outperform status” from Credit Suisse

Wednesday 9th July 2014

British estate agency chain Foxtons has received a strong endorsement from Credit Suisse, after being given an “outperform” status – akin to a recommendation for investment in the future.
The investment bank says its expected future target price for Foxtons shares is 400p – an increase of 30% on their current price. 
Credit Suisse analysts Eugene Klerk and Harry Goad said in a market briefing: "Between 2014 and 2018 we believe Foxtons will double its branch network, deliver annual average earnings per share growth of circa 23 per cent, return circa 43 per cent of market capitalisation to shareholders in dividends, and maintain a net cash position throughout"
"We see Foxtons as a compelling investment case on valuation grounds, structural growth and capital returns," they added. 
Credit Suisse has added the stock to its ‘Small- and Mid-Cap Focus List’ for investors, and has predicted that over a 10 year period Foxtons may well triple the geographical area its offices currently cover.
The firm’s current market capitalisation is £867m.

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