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(Sharecast News) - JPMorgan Cazenove cut its price target on Kingfisher on Monday to 180p from 190p as it placed the shares on 'negative catalyst watch' ahead of full-year results on 25 March.
The bank said its analysis suggests that B&Q and Castorama owner Kingfisher will struggle to achieve an opex decline in FY25, even accounting for lower volumes and cost savings.
"Combined with sales forecasts still overly ambitious in the UK, we do not think that consensus is capturing the combined risk to both top line and a higher opex ratio," it said.
"In addition, we see risk to positive gross margin expectations in France and Poland if Leroy Merlin acts to regain share."
JPM said it was cutting its FY 2025 pre-tax profit forecast by 10% to £484m, which is 16% below consensus.
This is the third time in six months the bank has put the shares on negative catalyst watch.
JPM maintained its 'underweight' rating on Kingfisher.
