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Goldman Sachs downgrades Alfred McAlpine shares

Has the recent revival in shares in Alfred McAlpine come to an end?

McAlpine's stock has bounced back since last year’s accounting scandal at its slate business and the City seemed to welcome the prospect of splitting up the services and contracting arms.

The upside has gone now, according to investment bank Goldman Sachs, which last week downgraded its recommendation on McAlpine’s stock from ‘buy’ to ‘neutral’ with a 544p target price.

That is only the view from one of the City’s counting houses but McAlpine’s stock lost 22p to 454.25p last week.

With the summer results season drawing to a close, figures from companies that released results earlier in the cycle are still being digested.

German investment bank Landsbanki urged clients into Carillion – marked up 18.75p to 394.25p – and Balfour Beatty, which broker Panmure Gordon is also positive on up to a 500p target price. Panmure is also positive on Galliford Try and set a 200p target price.

The latest reshuffle in the FTSE saw three companies promoted to the 100 index, including Taylor Wimpey, whose shares lost 19p to 313p last week.

Still with the house builders, Berkeley was among the biggest losers despite Landsbanki reiterating a ‘buy’ rating and raising its target price to £21.14. Redrow brought out half-year results showing profits broadly flat but Merrill Lynch is bullish about the house builder and reiterated a ‘buy’ rating with a 720p target price.