Analyst Aynsley Lammin notes it is a "pure" UK play, which should benefit from rising housing transactions and positive trends in GDP.
"It is one of the best managed companies under our coverage, will benefit from volume recovery and has a strong balance sheet, in our view," adds the analyst.
Shares are now trading on a price-to earnings ratio of 13.5 times for 2014 estimates, the broker adds.
Citi, which has a target price of 1745p on the stock, adds that the strategy update at the end of the year will likely focus on how the group intends to drive growth and returns higher and use its balance sheet more efficiently.
"It will be a good opportunity for the recently appointed CFO and next CEO (John Carter) to set out their strategic direction for the group," it adds.
Shares currently trade up 2.31% to stand at 1,595p.