Deutsche Bank upgraded Kingfisher to Buy from Hold with a price target of 310 GBp, up from 245 GBp. The firm is “turning more positive” on the UK retailers after its UK discretionary spending analysis highlighted “robust” income growth. With consumer confidence stepping up during Q2, political certainty and inflation under control, UK discretionary spending will better track earnings growth in the next 12-18 months, the analyst tells investors in a research note.
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