Broker snap: Prime Markets upgrades Kingfisher to buy

With Kingfisher's shares having come a long way down since their 52-week high of 287.1p in May, Prime Markets has upgraded the stock from sell to buy, saying that any negativity should now be factored in.Kingfisher, the company behind the Screwfix and B&Q brands, said on Thursday that it has seen like-for-like sales grow 1.6% in the first half of its 2011-2012 financial year with total sales, including newly acquired assets, rising 3.8%. Shares were 4.76% higher at 251p by 12:43.On 2 June, the broker labelled the stock as a sell at 282p (with a target price of 248p) due to the share price climb after the full-year results in March and an uncertain outlook. Since then, shares have tumbled below 200p intraday at one point. "Coupled with the solid profits delivered over the summer and continued investment in jobs and international expansion, Prime Markets now takes the view that the worst case scenario is in the price and that Kingfisher shares should now be given the benefit of any macro-economic doubts," said head of dealing Richard Curr.The target price is moved up to 267p.BC