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HSBC upgrades Kingfisher to 'buy'

Thu, 11th Apr 2024 09:25

(Sharecast News) - HSBC upgraded B&Q and Castorama owner Kingfisher on Thursday to 'buy' from 'hold' and lifted the price target to 305p from 235p.

This implies upside of 26% and is driven by an improved medium-term outlook, the bank said.

HSBC said a macro recovery, France restructuring and trade and e-commerce & digital represent growth opportunities for the company.

The bank said it was updating estimates for FY results and revised guidance for FY25, which it views as the bottom of the cycle.

At 0925 BST, the shares were up 4.1% at 251.90p.

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