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Brokers note - Kingfisher

Investec Securities has put its forecasts and target price on Kingfisher under review following the DIY group’s interim results.

CITY & CORPORATE

Brokers note - Kingfisher

Investec Securities has put its forecasts and target price on Kingfisher under review following the DIY group’s interim results.

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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