Turkey's Migros rises as JPM upgrades rating, hikes PT by 130%

Migros Ticaret AS

11/12/2024 11:14

** Shares in Migros  MGROS.IS  rise around 3%, hitting their
highest since Sept. 19, after J.P.Morgan upgraded the Turkish
group to "overweight" from "neutral" and more than doubled its
PT
    ** JPM expects Migros to continue to be a "major disruptor"
in Turkish retail space, challenging discount retailers with its
competitive pricing     
    ** JPM says despite intense competition, it sees both Migros
and its rival BIM as well-positioned to benefit from the growing
modern retail channel, potentially achieving around 10-12% real
topline growth
    ** "Migros will remain competitive and benefit from its
relatively more resilient consumer income group and diversified
business model" - JPM
    ** Brokerage increases its PT by 127% to 982 lira
    ** The stock is among top gainers in the Turkey's main BIST
100 index  .XU100 

    

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))