Greece: Citi cuts Jumbo target; but remains strong buyer

Tag : Stock Buyer
12:44 - 15 July 2008
Citigroup cuts Jumbo target to EUR 25 versus EUR 27 on lower by 9%2008-10 earnings per share estimates. The reduction of EPS isrelated with the issuance of a convertible bond and a morecautious stance on Jumbos LFL sales growth assumptions.
Still Citi remains strong buyer on the stock, as the net incomegrowth guidance of 21.5% for 2008 is very impressive consideringthe  market anomalies, the management have had to deal with inthe fiscal year ended June, the broker says.
At midday the stock was down 0.2% at EUR 15.80.