WES - Deutsche Bank rates the stock as Sell
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The AGM update has indicated operating losses from the UK home improvements business are expected to worsen in FY18 as trading remains challenging for Homebase.
Deutsche Bank is not particularly surprised by this, following a weak first quarter sales performance. The broker always believed the entry into the UK came at significant risk, although the performance has been worse than expected.
Sell rating and $38 target retained.
Sector: Food & Staples Retailing.
Target price is $38.00.Current Price is $42.30. Difference: ($4.30) - (brackets indicate current price is over target). If WES meets the Deutsche Bank target it will return approximately -11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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