** Kingfisher up 2%, top FTSE 100 riser & upat 3-wk highs, after UBS upgrades to "buy" v "neutral"
** Broker reckons new management's plans to simplify thegroup -- both in terms of structure and the number of productssold across the group -- should drive significant savings in thecost of goods sold and "goods not for resale"
** While UBS would expect the bulk of these savings also tobe reinvested in the offer, sees it unlikely that UK and Francegross margins will continue to decline over next few years
** Broker does not know what the benefit will be, and thetimescale, but a 10% reduction with a 20% retention rate wouldadd over 20% to FY18 PBT, it says (RM: tricia.wright1.thomsonreuters.com@reuters.net)
Kingfisher (KGF)