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Deutsche Bank has repeated its 'sell' rating on Travis Perkins (LSE:TPK), warning that market forecasts for the builders' merchant remain too high despite steep cuts already made this year. Ben Wild, an analyst at the bank, set a price target of 470p, below the last close of 566.50p.

Travis Perkins (LSE:TPK) shareholders may face more downside risk, according to a note from analysts at Jefferies who have now cut their price target, and Repeating an ‘Underperform' rating, the broker warns that market expectations for the builders' merchant may still be too high. Jefferies price target meanwhile reduces to 443p from 464p, implying 19% downside from the current price of 545.5p.