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Jefferies International

Start of Coverage: 02-12-2010

Resume of the last report made by this analyst

We downgrade to Hold with a new PT of €20 on 20.9x 2022 P/E.
The stock’s very sharp relative rerating (from 45% in March to 96% now vs European grocers) prompts us to pause for reflection. It looks to us that, with relative multiples at all-time highs, upgrades need to take over as the main share price driver from here.

Analyst: James Grzinic

e-mailjgrzinic@Jefferies.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.