On Thursday, the British Land share price will be in focus as the UK office, and retail landlord releases its latest trading update to the city.
British Land plc (LON: BLND) continued its ascent Monday, closing higher by +1.76% at 519.60p.
Yesterday’s positive trading day adds to the recent turnaround from July’s 482.60p low point. However, for the rally to continue, the property company must give investors what they want to hear on Thursday.
In May, British Land reported a full-year earnings-per-share loss of -0.32p vs analyst expectations of a 12.48p profit. However, the period to the end of March 2021 clearly offered exceptional challenges for property companies.
None more so than British Land, which is heavily invested in retail and office space in London. Therefore, Investors will be hoping for signs of a green shoots recovery as the UK seemingly turns the corner and returns to pre-pandemic shopping and working habits.
Although, not everybody remains convinced. Investment bank Jefferies, recently downgraded the Real Estate Investment Trust (REIT) to hold, lowering the 12-month price forecast to 525p.
This estimate is broadly in line with the consensus forecast of 522.50p and only marginally higher than yesterday’s closing price. However, with the lowest 1-year forecast at 285p and the highest at 660.00p, the share price may have room to move.
BLND price forecast
The daily chart shows the British Land share price has made great strides in the last 12 months. BLND has appreciated by more than 36% from this time last year. Furthermore, the price is up 75% from the April 2020 low of 300.20p. Not to mention, yesterday’s closing price was just 4% shy of 2021’s 541p top.
Notably, a descending trend line from January is visible at 526p. Should the market react favourably to the upcoming data release and clear this hurdle, 2019s high at 622.60p looks an obvious target.
On the downside, the 200-day moving average at 478.30p and a significant horizontal support level at 476.0p will be targets for the bears.
Considering the stock is almost perfectly placed at the median analysts’ estimate, a British Land share price prediction is tricky. Therefore, I encourage traders to reserve judgement until the trading update.
Although, the technical levels should play a part in the decision process.