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HSBC

Start of Coverage: 13-01-2010

Resume of the last report made by this analyst

The current share price appears to take into account earnings headwinds for now as it has fallen close to our TP of EUR14. With c2% implied downside to our TP a Reduce rating is no longer justified and we therefore upgrade the stock from Reduce to Hold.

Analyst: Andrew Porteus

e-mail: andrew.porteous@hsbc.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.