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Jeronimo Martins: shares up 3% on broker upgrade

(CercleFinance.com) - Shares in Portuguese retailer Jeronimo Martins rose over 3% after US broker Jefferies upgraded its recommendation on the shares.

Jefferies shares were up 3.3% at 15.9 euros, largely outperforming Lisbon's PSI index, which was up 0.5%.

Jefferies said in a note on Friday that it has upgraded its rating on the shares from "hold" to "buy" to reflect the company's success in Colombia.

It also raised its target price from 13 euros to 19.40 euros.

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