GENERAL MERCHANDISE NEWS
Brokers note – Kingfisher
23 November, 2009 | by Retail Bulletin
Credit Suisse has increased its forecasts and price target on Kingfisher ahead of its Q3 trading statement on December 3.
The broker has upped its full-year pre-tax profit forecasts for 2009/10 by 23% to £519 million and by 25% to £591 million for 2010/11. This puts its estimates 7% ahead of consensus for 2009/10 and almost the same level in front of consensus for 2010/11.
Credit Suisse notes that it is likely to not be at the end in its upgrading of Kingfisher and increases its price target from 220p to 270p that would put it on a PE of just over 15x for 2010/11. This target compares with an underlying share price of 244.3p following the 3% increase today (November 23).
