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BofA

Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

Jeronimo (JMT) has outperformed the European Equity Index by c.20ppt YTD, leaving just c.10% upside potential to our €23 PO. While fundamentals are strong, we downgrade the stock to Neutral from Buy as risk/reward looks balanced to us.

Analyst: Ilya Ogorodnikov

e-maililya.ogorodnikov@bofa.com

The information presented refers to recommendations issued by analysts that follow the Jerónimo Martins’ share. For more information, please read the Analysts Coverage section in this website’s Terms and Conditions.