Shares in Crest Nicholson PLC (LSE:CRST) were up 5% at midday following an upgrade by a leading investment bank.
UBS, in a note to clients, said the current valuation of stock in the housebuilder represented an attractive entry point for prospective investors.
In the past year Crest has lost 21% of its market worth to trade at a 47% discount to price-to-tangible net asset value.
UBS raised its rating on the 'buy' from 'neutral' with a new price target of 225p (up 10p) - a 14% premium to the current share price of 197p (up 9p).