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BUZZ-Kingfisher: top UK large cap on broker upgrade

Reuters - UK Focus

** Kingfisher (LSE: KGF.L - news) up 2%, top FTSE 100 riser & up at 3-wk highs, after UBS (NYSEArca: FBGX - news) upgrades to "buy" v "neutral"

** Broker reckons new management's plans to simplify the group -- both in terms of structure and the number of products sold across the group -- should drive significant savings in the cost of goods sold and "goods not for resale"

** While UBS would expect the bulk of these savings also to be reinvested in the offer, sees it unlikely that UK and France gross margins will continue to decline over next few years

** Broker does not know what the benefit will be, and the timescale, but a 10% reduction with a 20% retention rate would add over 20% to FY18 PBT, it says (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)