Deutsche Bank warns of further downgrades at Travis Perkins

Deutsche Bank reiterates a 'sell' on Travis Perkins (TPK) and sets a 470p price target versus a 566.50p last close, citing that market forecasts for its builders' merchant business remain too high. The note points to recent forecast reductions earlier this year, but suggests expectations are still elevated despite these steep cuts.

Analysis

Deutsche Bank reiterates a 'sell' on Travis Perkins (TPK) and sets a 470p price target versus a 566.50p last close, citing that market forecasts for its builders' merchant business remain too high. The note points to recent forecast reductions earlier this year, but suggests expectations are still elevated despite these steep cuts.