BUZZ-Kingfisher: CS sees "another tough year", cuts PT

** Credit Suisse cuts home improvement retailer Kingfisher's FY forecasts and EPS estimates, on anticipation of a slower Q2 and some pressure on gross margins from clearance

** CS remains "neutral" pending more clarity on when "ONE Kingfisher" will start showing signs of traction in terms of sales or margin at a group level

** CS also cuts PT to 220p from 240p

** Says Q2 comps are significantly tougher in UK and France, weather patterns have generally been unhelpful, especially in UK, and appetite for big ticket expenditure remains modest

** Says market had better Q1 in France, but it is hard to see demand being any better than flat over rest of the year

** Says with H1 results (Sept. 18th) unlikely to provide positive catalyst, questions over management transition and long-term property strategy, it is hard to see what leads to an upward re-rating until later in the year

** Stock down >1% in early trading (Reporting By Geetha Panchaksharam)