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Brokers note - Kingfisher

Bernstein Research has downgraded its recommendation on Kingfisher from 'Outperform' to 'Market Perform'.

CITY & CORPORATE

Brokers note - Kingfisher

Bernstein Research has downgraded its recommendation on Kingfisher from 'Outperform' to 'Market Perform'.

The broker says it does not expect to see any material positive catalysts for Kingfisher in the next six months, with the shares having performed strongly relative to the market year-to-date. Bernstein prefers short-term lower quality, under-appreciated restructuring stories such as Marks & Spencer.

The broker suggests investors could take a ‘holiday’ from the stock and let the mixed home improvement short-term news flow run its course before then returning to the company to enjoy the next leg of its restructuring. Bernstein retains its target price on Kingfisher of 235p, which compares with an underlying share price of 204.9p following the 1% fall in early trading today (September 15).

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