Brokers note - Kingfisher
Pali International has upgraded its forecasts and target price on Kingfisher following the unexpected early announcement of its interim results today (September 8).Due to an administrative error Kingfisher released its mid-term figures ahead of the Septe mber 17 scheduled date, which showed it is trading ahead of expectations. On the back of further strong growth from B&Q in the UK, Pali International is pushing its pre-tax forecasts for the full-year up again from £435 million to £460 million.
The broker is also increasing its target price on Kingfisher from 250p to 270p, which compares with an underlying share price of 220p, based on the view that it trades on a little over 16x earnings for this year. With the prospects for further upgrading on the back of improvements in both B&Q and China, Pali International re-iterates its 'Buy' recommendation on Kingfisher.
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