Brokers note - Kingfisher
The broker says there was little surprise in the numbers on the back of the pre-announcement last week, with pre-tax profits coming in at £288 million. It believes the company has been impressive with its upgrade momentum, which sets a very high base for next year’s performance.
Investec is reviewing its forecasts and is presently of the view consensus full-year pre-tax profits will be in the range £480 million to £500 million. It is also considering changes to its price target of 205p, which compares with an underlying share price of 209.4p following the 2% increase in early trading today (September 17).
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