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Persimmon, a UK house builder, reported Q3 earnings, but its stock fell as JPMorgan lowered its target price.
Persimmon, a UK house builder, reported a Q3 earnings per share of GBX 92.10 ($1.19) with a net margin of 8.84%.
The company's stock fell GBX 26 ($0.34) to GBX 1,168 ($15.15) during midday trading.
Persimmon has a market cap of £3.75 billion and a P/E ratio of 14.62.
JPMorgan Chase & Co. lowered its target price on Persimmon from GBX 1,640 ($21.27) to GBX 1,520 ($19.71) and maintained an "overweight" rating.
Persimmon operates under several brands including Persimmon Homes, Charles Church, Westbury Partnerships, FibreNest, and Space4.
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Persimmon, constructor de casas en el Reino Unido, reportó ganancias del Q3, pero sus acciones cayeron mientras JPMorgan bajaba su precio objetivo.