Analysts at Deutsche Bank were by no means disappointed by Bovis at the housebuilder's capital markets day on Thursday, upping their target price on the shares as a result of a "growing indication of upside" and evidence of its chief executive's "infectious enthusiasm" having filtered down the organisation.
Deutsche highlighted that of the three key drivers of Bovis' stock, all had gained traction.

With a further 1% added to Bovis's margin initiatives, Deutsche said the firm was moving towards the top end of its margin target for 2020 of 24.8%, which was 7.3% ahead of consensus estimates and 4.3% ahead of the broker's own estimates, despite the analysts' upwards revisions to their estimates contained in the same report.

The German bank also saw a growing indication of upside to Bovis' completions target towards 4,500, from its previous 4,000 mark, and was confident the FTSE 250 firm was capable of reaching the top end of its estimates for balance sheet optimisation at £250m.

"With the strong stock performance in the past months, Bovis now trades in line with the sector," Deutsche said.

The bank upped its target price on the shares from 1,411p to 1,450p while reiterated its 'buy' recommendation.

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