In a report released today, Grace Gilberg from Jefferies maintained a Hold rating on Kingfisher, with a price target of p294.00.
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Grace Gilberg’s rating is based on a combination of factors, including Kingfisher’s recent trading update which showed a positive performance in the UK market. The company’s like-for-like sales in the UK exceeded expectations, contributing to an overall group sales increase. However, the performance in other regions such as France and Poland did not meet expectations, which may have tempered the overall outlook.
Despite the strong UK trading and cost management leading to an upgraded profit before tax forecast, the company’s shares have shown muted performance recently. This could be attributed to broader economic concerns in the UK, such as budgetary issues, which may have influenced the Hold rating. The maintained free cash flow guidance also suggests a stable but cautious outlook, supporting the decision to not upgrade the rating further.
In another report released on November 18, Deutsche Bank also reiterated a Hold rating on the stock with a p285.00 price target.