Citi upgrades Kingfisher to ‘buy’ from ‘neutral’

Citi upgraded B&Q and Castorama owner Kingfisher on Thursday to ‘buy’ from ‘neutral’ as it argued the UK housing recovery supports a re-rating.

The bank said Kingfisher looks "well positioned to benefit from a recovery in the UK housing market".

"Ahead of the FY24 results, we think investor sentiment remains cautious, but we may be close to the end of the downgrade cycle, and early signs of UK housing market recovery may drive more constructive investor sentiment from here," it said.