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Broker upgrade for Redrow and Bovis

Redrow shares were up in morning trading today after being upgraded by analysts at Citigroup.

Shares in the housebuilder’s were up 4 per cent at 143.25p after the broker changed its recommendation to ‘buy’ from ‘sell’, saying that the firm’s stock represented an opportunity for long term investors willing to see out the current downturn in the housing sector.

The broker also upgraded its rating for Bovis Homes to ‘hold’ from ‘sell’ based on the company’s relatively strong balance sheet and to recognise the falls in the price of Bovis shares in recent weeks.

But the move had little impact on the house builder's share price, which edged down -0.75p to 342p.