Kingfisher: shares lifted by Morgan Stanley double-upgrade.

(CercleFinance.com) - Shares in Kingfisher are gently adding 0.
4% at 303.2 pence today, with Morgan Stanley having upgraded its rating for the UK-listed retailing company directly from "underweight" to "overweight," with a target price of 380 pence, up from 290 pence.

The broker expects investors to start valuing the company according to its assets and not its earnings, which will be "probably in 2018."

"The shares look cheap on that basis, so we double upgrade to overweight," Morgan Stanley says in a note.

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