Deutsche Bank kept a Hold on WH Smith (LSE:SMWH) but cut its price target to 550p, from 575p, leaving the new target modestly below the stock's last close of 565.50p.
Analyst Tim Barrett says WH Smith's interim results confirmed the group's turnaround will take time, with the Iran conflict hitting its UK Air operations even as the group brings in clear turnaround expertise to work on the US and Rest‑of‑World divisions.
The German bank's reassessment follows the interims and the analyst noted the refreshed 550p target implies roughly a 3% downside to the 565.50p close and keeps the broker on the sidelines. Also, it flagged execution of the US and RoW turnarounds as the next proof points to watch.
