Jeronimo Martins: UBS downgrades stock

(CercleFinance.com) - UBS has downgraded Jeronimo Martins shares from "neutral" to "sell" with a lower target price of 18 euros (vs.
22 euros), with its new target price representing downside potential of 10% for the share of the Portuguese food distributor.

The broker has reduced its EPS estimates by 4%-5% and thus sees "room for negative surprises". "We see the mix of slowing sales and declining margins as a potential catalyst for derating," it says.


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