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Jan 19 2021, 06:30 GMT
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
|Travis Perkins plc||NEUTRAL||28/05/20||Underperform||01/07/16||1394p|
We are upgrading 2020 forecasts for Grafton, Howdens and Travis Perkins. Recent updates confirmed a strong end to the year for building distribution/product businesses in the UK and Ireland. Companies with residential RMI exposure in particular enjoyed a significant recovery in trading in the second half of last year. Despite the continuing uncertainties, the three companies start the year in good shape, supported by very healthy balance sheets. Of this sub-sector, Grafton remains our preferred option.