Jefferies upgrades Jeronimo Martins stock to Buy
Published on 10/01/2026 at 11:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Jeronimo Martins (ISIN PTJMT0AE0001) was last at EUR 17.92 in Stuttgart on September 25, 2026, versus a prior close of EUR 17.88. Markets Insider reported on September 21, 2026, that Jefferies upgraded Jeronimo Martins from Hold to Buy and raised its target from EUR 18.00 to EUR 21.00.
Jefferies sees 17.19 percent upside
The EUR 21.00 target lies 17.19 percent above the Stuttgart quote of EUR 17.92, using the same currency but different dates. Jefferies said the sharp negativity priced into the shares was excessive and pointed to the strength of Biedronka, the group's Polish grocery business.
The upgrade adds a constructive counterpoint to a difficult operating backdrop. ESM Magazine reported on September 14, 2026, that Polish authorities fined Jeronimo Martins' subsidiary PLN 525.00 million as part of a wider driver no-poach case involving PLN 570.00 million in penalties.
First-half margins improved
In the first half of 2026, group sales increased 5.10 percent to EUR 18.30 billion and EBITDA rose 7.60 percent to EUR 1.20 billion, according to Yahoo Finance in the July 30, 2026 earnings-call transcript. EBITDA margin reached 6.80 percent, up from 6.60 percent in the first half of 2025.
Biedronka generated EUR 12.60 billion of first-half sales, up 1.70 percent, despite basket deflation. Management also said the group opened 124 stores and remodeled 115 during the period, while the investment program for 2026 is capped at EUR 1.20 billion.
Stock remains below its yearly high
The Stuttgart quote of EUR 17.92 stood 20.92 percent below the EUR 22.66 52-week high and 11.30 percent above the EUR 16.10 low on September 25, 2026. Market capitalization was EUR 11.20 billion on September 24, 2026. Jeronimo Martins is listed on Euronext Lisbon under ticker JMT, according to Global Banking and Finance.
Price and operating risk
The Stuttgart quote was EUR 17.92 on September 25, 2026 at 9:55 p.m. CEST, up 0.22 percent from EUR 17.88. The next reported results date is October 28, 2026, while the investment case remains tied to volume growth, price competitiveness and the speed of recovery in Polish food retail.
Jeronimo Martins at a glance
- Company: Jeronimo Martins, SGPS, S.A.
- ISIN: PTJMT0AE0001
- Ticker: JMT
- Primary exchange: Euronext Lisbon
- Substitute price Stuttgart (as of September 25, 2026, 9:55 p.m. CEST): EUR 17.92
- Change versus prior close: plus 0.22 percent
- Prior close Stuttgart (September 24, 2026): EUR 17.88
- Market capitalization: EUR 11.20 billion (as of September 24, 2026)
- 52-week range: EUR 16.10-EUR 22.66 (as of September 25, 2026)
- Sector / Industry: Consumer Staples / Food Retail and Distribution
