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City predicts better times for DIY

Published: 14 July 2009
Investors encouraged to buy Kingfisher stock
City analysts are predicting growth in the DIY sector later this year and urging investors to buy shares in B&Q's parent company Kingfisher.

Ahead of an expected sales update on July 23, Deutsche Bank has reiterated its positive investment stance for the DIY retailer, believing that with mortgage advances up 10% in May and the benefits of a good summer, the DIY market will turn positive later this year.

Meanwhile, Nick Bubb, of broker Pali International, has issued a buy note with a 230p price target following a meeting with the company. He told 'The Guardian': "Kingfisher's management were certainly in a confident mood, focusing on the attractions of DIY retailing and identifying the clear upgrade potential in profits at B&Q, Poland and China in the short and long term. We are now upgrading our pre-tax profit forecasts by 5% for 2009 (to £420m) and by as much as 18% for 2010 (to £500m).

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