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Wood & Co.

Start of Coverage: 02-02-2011

Resume of the last report made by this analyst

We are upgrading our rating on Jeronimo Martins (JMT) to BUY, from Hold, with a new PT of EUR 23.7/share (vs. EUR 21.8 previously). In line with our expectations, the stock has provided a perfect inflation shelter over the last year. At this juncture, we believe it can step up even further.

Analyst: Lukasz Wachelko

e-maillukasz.wachelko@wood.com

The information presented refers to recommendations issued by analysts that follow the Jerónimo Martins share. For more information, please read the Analysts Coverage section in this website’s Terms and Conditions.