Start of Coverage: 14-10-2011
We maintain our Accumulate rating for Jeronimo Martins, while decreasing our target price from EUR 16.7 to EUR 15.85, amid weaker macro in homeland Portugal (real GDP to return to 2019 levels in 2022e) and a more conservative approach to the gross margin (due to potential price investments) and cost pressure (SG&A dynamics higher than top line growth in each year of 2021-25e).
Analyst: Konrad Grygo
e-mail: konrad.grygo@erstegroup.com
| Analyst | Price target | Recommendation | Date |
| Konrad Grygo | 15.85 € | Accumulate | 18 Nov 2020 |
| Konrad Grygo | 16.70 € | Accumulate | 19 Dec 2019 |
| Konrad Grygo | 15.60 € | Accumulate | 6 Mar 2019 |
| Konrad Grygo | Under revision | Under revision | 25 Oct 2018 |
| Tomasz Duda | Under revision | Under revision | 6 Jun 2018 |
| Marek Czachor | 19.00 € | Accumulate | 24 Nov 2017 |
| Marek Czachor | 20.00 € | Accumulate | 1 Jun 2017 |
| Marek Czachor | 15.00 € | Hold | 18 Nov 2016 |
| Marek Czachor | 13.00 € | Reduce | 15 Jun 2016 |
| Marek Czachor | 10.00 € | Sell | 15 Jan 2016 |
| Marek Czachor | 11.00 € | Sell | 25 Jun 2015 |
| Marek Czachor | 8.50 € | Accumulate | 16 Dec 2014 |
| Marek Czachor | 9.00 € | Sell | 4 Sep 2014 |
| Marek Czachor | 10.50 € | Sell | 5 Mar 2014 |
| Marek Czachor | 17.00 € | Accumulate | 13 Dec 2013 |
| Marek Czachor | 18.00 € | Accumulate | 5 Jun 2013 |
| Marek Czachor | 16.00 € | Accumulate | 26 Nov 2012 |
| Marek Czachor | 16.00 € | Hold | 27 Apr 2012 |
| Marek Czachor | 16.00 € | Buy | 14 Oct 2011 |
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.
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