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Kingfisher: Deutsche Bank reduces target price

( - Deutsche Bank has cut its target price for Kingfisher shares from 255 pence to 225 pence on Thursday, following weaker-than-expected quarterly results and a reduction of full-year forecasts.

The analyst - who still has a 'hold' rating on the stock - believes that this disappointment may well reflect a reversal in consumer spending after the rebound that followed the Covid pandemic.

He is particularly concerned about the impact of the slowdown in inflationary pressures on sales in value terms, but also about the low averagereceipt, the slowdown in the real estate market and the sluggish economic situation in France.

The broker - which also points to limited visibility on sales trends and inflationary pressures on costs - believes that Kingfisher's share price should remain locked in at a valuation range of between 10x and 12x its P/E until the situation improves.

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