Deutsche Bank upgrades Kingfisher to 'hold'

(Sharecast News) - Deutsche Bank upgraded B&Q and Castorama owner Kingfisher to 'hold' from 'sell' on Thursday and lifted the price target to 300p from 260p. DB said there had been a sequential improvement in its tracked data points despite overall weakness in the European consumer outlook.

The bank said it was increasing its estimate for FY27 pre-tax profit by 4% to £605m, which while ahead of consensus of £580m sits marginally above the mid-point of the £565m to £625m guidance range.

"We downgraded Kingfisher to sell in December 2025 on UK cost pressures and weaker macro outlook but the earnings and share price are only down marginally since then," the bank said. "With industry datapoints improving despite the macro overhang, we see limited scope for a change to full-year guidance at the 1H stage and accordingly upgrade to hold."

DB said its first-half pre-tax profit estimate of £412m is ahead of consensus expectations of £372m.

At 1535 BST, the shares were up 2.9% at 309.20p.