has had its price target reduced by Morgan Stanley ahead of the DIY retailer's quarterly results next week.
The US bank has cut its price target for Kingfisher from 125p to 96p, as the DIY market moves into the low point of its cycle.
Morgan Stanley is forecasting a slow-down in the growth of sales in all of the B&Q group's major markets, while currency fluctuations are also likely to have a negative impact on earnings.
MS has retained its "equal weight" rating on the stock.
At the half-year stage, Kingfisher beat market forecasts with its earnings but warned of tough times ahead
A better-than-expected effort in France and strong growth in Poland helped, but B&Q China felt the impact of a weaker than anticipated housing market.
