MARKET TALK: Morgan Stanley Lifts Travis Perkins Price Target

8th Jun 2010 09:10

0810 GMT [Dow Jones] Morgan Stanley lifts Travis Perkins (TPK.LN) price target to 1150p from 1020p following its interim management statement. Says trading in the merchant business is better than expected, with stronger than expected like-for-like growth. Now forecasts FY '10 +5% organic growth for merchant, from +2% previously. Elsewhere, says the indicative offer for BSS Group (BTSM.LN) looks attractive both financially and strategically. Notes that Travis stock has been out of favor year-to-date. But on 10.8x PE and 0.63x EV to sales for FY '10, says the shares are not expensive. Keeps at overweight. Shares +0.3% at 760p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 08, 2010 04:10 ET (08:10 GMT)