StockMarketWire.com - Jefferies has downgraded its investment rating on Wolseley [LON:WOS] to 'hold' from 'buy' after taking a look at the building materials sector following the EU referendum.

The broker said: "The shares have increased 17% from their post-Brexit lows and now sit 8% higher than before the vote to leave the EU.

"Having heard from three merchants post-Brexit and having seen another month's macro data we would prefer exposure to the UK-focused companies, where we believe the risk/reward opportunities are more favourable."

Analysts have lifted their price target on WOS to 4,180 pence a share (from 3,980 pence).

Meanwhile, Jefferies reaffirmed 'buy' ratings on sector peers Grafton Group [LON:GFTU], SIG [LON:SHI] and Travis Perkins [LON:TPK] and its 'hold' recommendation on Howden Joinery [LON:HWDN].



At 2:03pm:

[LON:GFTU] Grafton Group PLC share price was +3.5p at 534.5p

[LON:HWDN] Howden Joinery Group PLC share price was +2.75p at 425.75p

[LON:SHI] SIG PLC share price was +1.35p at 104.05p

[LON:TPK] Travis Perkins PLC share price was -7p at 1538p

[LON:WOS] Wolseley PLC share price was -52.5p at 4122.5p



Story provided by StockMarketWire.com