Jeronimo Martins upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Henrik Herbst upgraded Jeronimo Martins to Overweight from Equal Weight with a EUR 25.30 price target. The analyst says volume growth will be the main theme for European retailers in 2024. As price inflation moderates, sales growth will become increasingly reliant on volumes, and retailers in the “sweet spot” to be rewarded by the market, the analyst tells investors in a research note. The rating change is part of the firm’s 2024 outlook.