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BofA

Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

We are upgrading Jeronimo Martins from Underperform to Buy with an increased price objective of €18 (vs €10.7 previously). The resilient results in 2019 and the improving visibility on Colombia are the reasons behind our change of view. In the current environment we would also favour the company that have been consistent in their strategy and able to provide strong cash flow generation and balance sheet.

Analyst: Xavier Le Mené

e-mailxavier.le_mene@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.