Deutsche Bank reiterated its sell rating on Travis Perkins and kept its price target at 550p, according to a Proactive report published on 7 October 2026. The bank’s reported concerns include soft demand, limited signs of recovery and downside risk to forecasts. Its view is an analyst opinion, not company guidance or a guaranteed prediction.
Why is Deutsche Bank sticking with a sell call on Travis Perkins?
In its 7 October report, Proactive said Deutsche Bank analyst Ben Wild maintained the sell rating and 550p target ahead of a Travis Perkins third-quarter trading update expected the following week. The bank reportedly sees weak demand across the group’s key markets and no meaningful recovery, with adverse demand and supply dynamics in the UK builders’ merchant sector posing a risk to forecasts. Proactive’s report is the source for the call and its rationale; the underlying Deutsche Bank research note was not reviewed.
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The report also said the bank was watching whether first-half gross-margin momentum continued and whether ongoing pricing pressure was beginning to damage demand. These are concerns attributed to Deutsche Bank, not established outcomes for future performance.
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In its half-year results, released on 4 August 2026 for the six months to 30 June, Travis Perkins said UK construction activity remained subdued. The company wrote: “However, the UK construction sector remains subdued with activity levels remaining depressed during the first half.” Management expected second-half market conditions to be comparable with the first half. The results describe conditions through 30 June, rather than the full third quarter. Travis Perkins’ results and reports
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Group revenue was £2,258 million, down 1.8% year on year, and adjusted operating profit was £67 million. Net cash before leases stood at £55 million at 30 June 2026. Results varied by business line:
| Business line | H1 2026 like-for-like revenue | H1 2026 like-for-like volume | Adjusted operating profit |
|---|---|---|---|
| Merchanting | Down 1.2% | Down 3.9% | Down 5.0% |
| Toolstation UK | Up 2.4% | Up 0.6% | Not stated in the cited half-year results summary |
The company figures show a subdued overall backdrop, but not a uniform decline across every business.
What does the 550p target mean?
The 550p figure is Deutsche Bank’s reported price target, not Travis Perkins’ share price or a promise of where the shares will trade. Proactive gave a contemporaneous share-price snapshot of 572.5p on 7 October 2026. That dated snapshot should not be treated as a live quote or used without its date when comparing targets. Ratings and targets can change, and this news report is not a personal investment recommendation.
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A separate Proactive report published on 7 July 2026 said Deutsche Bank had repeated its sell rating with a 470p target and viewed market forecasts as too high. The 550p target reported on 7 October is a later snapshot; the July target and its context should not be blended into the current call. Proactive’s 7 July report
When comparing this call with another broker’s view, keep the date and assumptions attached to each figure. Useful points of comparison include:
- Rating and target date, alongside the date of any share-price reference.
- The forecast period and time horizon used.
- Evidence cited for demand and volume trends.
- Earnings assumptions and any forecast revisions.
- Whether the analysis addresses margins and pricing as well as end-market demand.
What does the reported brick-delivery figure add?
Proactive cited the Ministry for Housing, Communities and Local Government as reporting a 10% year-on-year fall in UK brick deliveries in July 2026, described in the article as the weakest reading in a series spanning more than 40 years. This is a statistic relayed through Proactive, not independently verified here against the department’s underlying series. It provides sector context, but does not by itself establish how Travis Perkins will perform.
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