Crest Nicholson shares extend losses as Deutsche Bank and RBC cut targets after profit warning

Crest Nicholson PLC (LSE:CRST) shares fell further on Wednesday as Deutsche Bank downgraded the housebuilder from buy to hold and slashed its target price by 65% to 79p, a day after the company issued a profit warning that has now drawn a wave of analyst downgrades. RBC Capital Markets, which maintained its outperform rating, cut its target price from 155p to 95p, describing the UK housing market as having "cooled quickly and significantly" and warning that Crest and Berkeley Group are unlikely to be the only housebuilders to catch a cold.