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Metro: Invest Securities adjusts target price

( - The analyst believes that Metro already sees the horizon of its new fiscal year clouding over after a chaotic 2019/20.

The C&C leader has never had much luck with macroeconomic conditions, but this time is just too much with the unprecedented Covid-19 crisis and the resulting collapse of caterers, its major client base, Invest Securities says.

Q1, which is traditionally a decisive period, with the end-of-year festivities, thereby representing around half of Metro's annual operating income, looks as though it will be a tricky period. This casts doubt over the likelihood of a recovery in 2020/21. Against this backdrop of a worsening crisis, the EPGC offer was better for the minority shareholder, with a rapid exit from the crisis unlikely, with the broker therefore shaving a fraction off its target price, which is now 7.5 euros (vs. 7.6 euros previously). This scenario has been confirmed by the presentation of the group's 2019/20 annual results, the broker adds.

Invest Securities maintains its neutral rating on the share.

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