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Goldman Sachs has downgraded to “neutral” from “buy”, reducing the target price to 900p from 965p. The broker thinks that Hunting is well positioned to benefit from strong activity in US onshore, but said the appreciation of sterling against the dollar could have an adverse impact.
UBS has kept its “buy” rating on the retailer, but cut the target price to 450p from 470p. The broker thinks the appreciation of sterling against the euro will hit estimates, while sales at B&Q are yet to take off from a stronger UK housing market, but is still positive for the medium term.