UBS has issued a 'sell' recommendation for Kingfisher, the DIY retailer that owns B&Q in the UK, saying the current share price is "not an attractive entry point".
The investment bank also gave Kingfisher a price target of 227p.
Kingfisher reported 2022 results, with sales of £13.06bn, down 0.9% year on year and 2.1% like-for-like.
Fourth-quarter underlying sales were flat, broadly consistent with the third quarter, while gross margin was down 70 basis points, driven by first-half "impacts".
Kingfisher's current trading is described as "resilient," with February's total sales up 1.9% and underlying sales trending well, despite adverse weather and tough comparisons impacting Poland.
The company expects to announce a new share buyback program following the completion of the existing one this year.