HSBC upgrades Kingfisher to 'buy'
Kingfisher
289.30p
16:44 21/11/24
1.54%
4.40p
HSBC upgraded B&Q and Castorama owner Kingfisher on Thursday to ‘buy’ from ‘hold’ and lifted the price target to 305p from 235p.
FTSE 100
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17:09 21/11/24
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FTSE 350
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16:49 21/11/24
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17:14 21/11/24
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General Retailers
4,603.19
16:49 21/11/24
0.31%
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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.