Shares in Kingfisher PLC (LSE:LON:KGF) (Kingfisher PLC (LSE:KGF)) came under pressure on Friday following a rating downgrade by UBS.
Kingfisher shares were down 2.15% to 250.30p as the broker cut its rating on Kingfisher to sell from hold and cut its price target to 203p implying 21% downside from the current share price.
Analysts said the downgrade reflected weak industry data and comments from peer groups in the sector, such as Wickes.
UBS said it expects competition to intensify in an already tough market and it sees Screwfix underperforming Toolstation in the medium term adding its analysis suggests a 71% downside to base case EPS.
“Whilst we like Kingfisher's turnaround potential, against the current backdrop, we think the downside potential will be a drag on valuation, given no catalysts for a re-rating in the next 12 months” UBS concluded.
Jadestone Energy drops on Montana shut down
Jadestone Energy PLC (AIM:JSE) saw its shares slump 9% to 91p on Friday after the Asia-Pacific oil and gas producer said its operations in Montara are now being shut in following the "small leak of oil" reported from a crude oil tank on the Montara Venture FPSO vessel in June.
It currently expects the inspection and repair activities to result in production being shut-in for the rest of August and possibly through September and anticipates incremental costs of between $2mln and $4mln.
As a result of the Montara shut-in, Jadestone said it now expected 2022 production to average between 13,000 and 14,000 barrels of oil equivalent per day, down from the 15,500 barrels it flagged in late June, which was itself at the lower end of its previous guidance range.
888 loses big on the FTSE 250 today
Shares in betting and gaming company, 888 Holdings PLC (LSE:LON:888), fell 13.25% to 138.55p as analysts lowered profit forecasts after first half profits came in below expectations.
The group reported a 13% fall in revenues to £332.1mln hit by a 25% decline in the UK and a 66% drop in pre-tax profits to £14.4mln.
It added it had made excellent progress in integrating the international business of William Hill,
Peel Hunt said it would lower its full year 2022 adjusted pro forma EBITDA forecast to £310mln from £332mln and its full year 2023 estimate to £387mln from £412mln adding first half 2022 adjusted pro forma EBITDA of £142mln was lower than its £160mln-170mln forecast, mainly as the result of a margin shortfall