Greenyard 'turns lemons into lemonade' - shares jump 12% after Berenberg upgrade

Greenyard NV

07/07/2022 08:52

(Adds shares, volume, milestones)
    ** "Turning lemons into lemonade," Berenberg says and raises
Belgian food-processing company Greenyard  GREENY.BR  to "buy"
from "hold", citing its operational model and market
positioning, which allow it to weather inflationary pressures
    ** Shares jump 12% to EUR 8.26 at 0750 GMT, their highest in
three weeks and headed for biggest daily rise since March 2021
if gains hold
    ** "Greenyard and retailers now work hand in hand,
benefiting from efficient supply chains and competitive prices,"
Berenberg says, adding the group, which delivered on targets of
its turnaround plan from 2019, holds top market position with
unique 'field-to-fork' business
    ** "It delivers to more than 80% of the top retailers in
Europe, with expansion opportunities in North America",
Berenberg adds 
    ** The broker says the group now rests on strong
foundations, presents a superior profile as one of the largest
European players vs competitors, with sales of EUR 4 billion
($4.08 billion)    
    ** Greenyard's unique business model and improved financial
profile can lead to superior returns, the broker adds
    ** About 43.3 thousand Greenyard shares have traded so far
today, about 240% of their 30-day moving average full-day volume
    
($1 = 0.9797 euros)

 (Reporting by Alizee Degorce)
 ((Alizee.degorce@thomsonreuters.com))