Share boost for Travis
Published: 11 August, 2009
NORTHAMPTON: Travis Perkins shares moved up yesterday after stock broker Merrill Lynch upgraded earnings forecasts for the merchant and raised the target price to 840p.
The shares put on 161/2pence rising to 8161/2p but Merrill Lynch said "the market has got a little too excited too soon about prospects for recovery".
The broker said: "Looking into the second half of 2009 and 2010, we think like-for-like sales will probably be down again, gross margin pressure is likely to remain and pricing is unlikely to be as benign as it has been."
Share trading volumes were very light with many traders and investors on holiday.