Kingfisher: Credit suisse maintains 'Outperform' rating
(CercleFinance.com) - Credit Suisse maintains its 'outperform' rating on Kingfisher shares, with a target price of 305 pence.
The broker says that H1 pre-tax profits of 472 million pounds were well in line with expectations (Credit Suisse expected £473m, Kingfisher expected £469m).
Against this backdrop, the analyst confirms his pre-tax profit estimate of 770 million pounds for the current year. However, has reduced his pre-tax profit forecast for 2023/2024 from 794 to 735 million pounds, given the challenging environment in key markets.
The broker says that Q3 sales will be reported on 24 November. Credit Suisse said that the main risks to the stock are the weakening housing market in the UK and France, as well as the squeeze on household budgets due to rising energy prices.
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