Bernstein upgrades Jeronimo Martins on improvement in Poland

Jeronimo Martins SGPS SA

04/12/2023 10:25

** Bernstein upgrades Portuguese food retailer Jeronimo
Martins  JMT.LS  to "outperform" from "market-perform", citing
strong execution at its Biedronka chain and improving market
outlook in Poland
    ** The broker flags Biedronka's positive volume development
and share gains in recent months, and says favourable 2024 macro
and strong pricing should put less pressure on margins
    ** Bernstein expects mid-single-digit food inflation in
Poland next year, and for Biedronka to keep growing faster than
the market
    ** "Jeronimo Martins remains the fastest growing grocer in
our coverage over the next few years," adds Bernstein
    ** Out of 23 analysts that cover Jeronimo Martins, 13 rate
the stock "strong buy" or "buy", six "hold", and four​ "strong
sell" or "sell"

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))