Cairn Homes - Moving price target to €1.74; modest changes to estimates

Davy Research
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Our forecasts on Cairn Homes move modestly lower on the back of new guidance from full-year results. Across FY23-25, our operating profit forecasts are cut by c.4%, but our price target has moved up to €1.74, driven by accretive buybacks. The company is well placed to take advantage of a buoyant Irish new homes market in 2023, and we reiterate our ‘Outperform’ rating.