Deutsche Bank is sticking with a positive stance of kitchen fitter Howden Joinery even though in the short term, ongoing macro uncertainty remains a valid risk.
UK kitchen market volumes remain well below 2019 levels but Howden has a strong track record of outperformance and over the longer term its growth runway remains substantial.
“We believe that investors should particularly focus on ongoing management initiatives, which aim to leverage the group’s impressive footprint to drive higher EBIT per depot.”
The target rises to 1210p (39% upside) with a ‘buy’ rating reiterated.