Bank of America Merrill Lynch upgraded its stance on Kingfisher to 'neutral' from 'underperform' and raised the price target to 390p from 330p.The bank's 'underperform' rating was predicated on weak growth, negative earnings momentum, worsening sales densities at B&Q and continued poor performance in France.However, Since November 2014, a new management team has been put in place, B&Q's over-spacing issues are being addressed and a return of real wage growth in the UK has led to better profit growth in the UK operations, said BofA."B&Q like-for-like growth remains muted but is run rating ahead of our forecasts and is likely to be in positive territory again in 2016.It said the company's first-quarter results were slightly better than expected, with trends looking generally better across both like-for-like growth and profitability on average.The bank upped its 2016 earnings per share estimate to 22.19p from 21.61p and its 2017 estimate to 24.13p from 23.48p.It said the new target price strikes a balance between improving growth and potential for further returns of cash to shareholders against a premium valuation versus history.At 1040 BST, Kingfisher shares were up 1.4% at 373.30p.