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FT: Stocks to Watch: Tuesday 1 May, 13.00 BST: Hammerson is a bit iffy

"Exane BNP Paribas cut Intu Properties to 'underperform' and downgraded Hammerson to 'neutral', moving from 'outperform' in both cases on valuation grounds.
“On our forecasts, the bulk of Hammerson's assets offer prospective returns below the cost of capital. Moreover, risk-adjusted returns on share buybacks appear far superior to major development projects at Brent Cross and Croydon. However capacity for a capital return is limited unless the company commits to a transformational disposal strategy.” 

(Complete item from FT is above}

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