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Travis Perkins LON: TPK reported a modest decline in first-half revenue as challenging construction markets continued to weigh on volumes, while higher gross margins, cost discipline and property receipts supported profit and cash generation.

Shares in Travis Perkins (LSE:TPK) surged 15%, or 88p, to 661p after interim results prompted Peel Hunt and Panmure Liberum to point to evidence that the builders' merchant is turning itself around. Panmure reiterated a 'buy' rating and 740p price target, arguing the numbers showed the benefits of self-help and disciplined management.

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.