Broker snap: Panmure hails strong cash flow at Kingfisher

Panmure Gordon has reiterated its 'buy' rating and 350p target price for B&Q owner Kingfisher after a more or less in-line set of results for 2012.Pre-tax profits fell 11% to £715m last year as the group was hit by the terrible weather at the start of 2012 (trimming profits by £25m) and a currency hit of £39m.However, the bottom line wasn't far off Panmure's forecast and the guidance given last month. Cash flow however, was ahead of estimates.The broker said: "Having massaged expectations down over the last 12 months, strong cash flow should be the focus today. We are buyers on the view that the long term outlook for earnings remains good. "Also, at some stage, there might be some help from the UK economy and, in the meantime, self-help opportunities should support profits and therefore the shares."Shares were up 1.34% at 287.1p by 11:18 on Tuesday.BC