MARKET TALK: Societe Generale Downgrades Kingfisher To Hold

23rd Jul 2010 09:53

0853 GMT [Dow Jones] Societe Generale downgrades Kingfisher (KGF.LN) to hold from buy and target to 228p from 310p. Says the company's 2Q sales update is disappointing with B&Q like-for-like sales 4.4% lower, compared to 2.8% lower in 1Q. Notes that once again France is proving to be robust. Says overall group sales are flat in '10, after two soft quarters. Says, "given the challenging consumer background in some key markets there is little prospect of a return to top line growth in the near term." Shares +0.3% at 225.9p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 23, 2010 04:53 ET (08:53 GMT)