JPMorgan analyst Marcus Diebel upgraded Just Eat Takeaway.com to Neutral from Underweight with a price target of 1,913 GBp, up from 1,436 GBp. The European internet sector had a "rather challenging year" in 2022 and visibility on rates developments remain low going into 2023, Diebel tells investors in a research note. However, with expectations materially reset and comps easing, the outlook for the sector is improving, says the analyst. He prefers names with compounding earnings growth despite macro headwinds, and attractive valuations relative to other sectors.
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Published first on TheFly