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UBS Investment Bank

Start of Coverage: 14-05-2003

Resume of the last report made by this analyst

We reduce our PT slightly to €15.5 from €16.0 on the back of small reductions to our estimates. At the same time, due to limited upside to our PT we downgrade our rating for Jeronimo Martins from Buy to Neutral.

Analyst: Michal Potyra

e-mailmichal.potyra@ubs.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.