JPMorgan analyst Borja Olcese downgraded Jeronimo Martins to Underweight from Neutral with a price target of EUR 20.80, down from EUR 23.70. The analyst is taking a cautious stance on the European food retail sector, reflecting the firm’s analysis of grocery pricing deflation prospects approaching 2024. The firm thinks current sentiment and valuations make for an unattractive risk/reward as investors start to reassess portfolios into 2024. Deflation is a real possibility, and its implications not factored into either expectations or share prices, the analyst tells investors in a research note. JPMorgan downgraded four stocks it sees as being the most exposed. Colruyt is now its sole Overweight in the sector.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on JRONY:
- Jeronimo Martins price target lowered to EUR 23.70 from EUR 24.40 at JPMorgan
- Jeronimo Martins price target raised to EUR 26.60 at Morgan Stanley
- Jeronimo Martins price target raised to EUR 22 from EUR 20 at HSBC
- Jeronimo Martins price target lowered to EUR 24.40 from EUR 24.80 at JPMorgan
- Jeronimo Martins price target raised to EUR 22 from EUR 21 at Barclays
