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Erste Group

Start of Coverage: 14-10-2011

Resume of the last report made by this analyst

We downgrade our recommendation on Jerónimo Martins from Accumulate to Hold and lower the target price from EUR 27 per share to EUR 23.5 per share, which implies 4% upside.

The balance of pros and cons leans more to the negative side. We do not expect any major improvement in the near term. In such an environment, we recommend to Hold to Jerónimo Martins.

Analyst: Krzysztof Kawa

e-mail: krzysztof.kawa@erstegroup.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.