Ahold Delhaize: Berenberg stays 'sell' before investor day
(CercleFinance.com) - Berenberg maintains its "sell" rating on the Ahold Delhaize stock, with a target price of 18.
2 euros, ahead of the group's upcoming capital markets day on 13 November.
In a note sent to clients, the German broker said it has identified four key areas of underinvestment at the Dutch retailer, which it expects to be addressed at the meeting: store standards, e-commerce, price position and labour costs.
"The recurring paradox in our analysis is our inability to reconcile the apparent investment needs of the company and management's current expectations for unchanged levels of margin and capex," the broker wrote before the event.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2 euros, ahead of the group's upcoming capital markets day on 13 November.
In a note sent to clients, the German broker said it has identified four key areas of underinvestment at the Dutch retailer, which it expects to be addressed at the meeting: store standards, e-commerce, price position and labour costs.
"The recurring paradox in our analysis is our inability to reconcile the apparent investment needs of the company and management's current expectations for unchanged levels of margin and capex," the broker wrote before the event.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.