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(Sharecast News) - Analysts at Jefferies downgraded supermarket giant Sainsbury's from 'buy' to 'hold' on Monday, stating that while they remained "upbeat" on UK grocers, there appeared to be better value elsewhere.
Jefferies said positive forecast momentum and outsized initial Covid-19 concerns had helped Sainsbury's over 50% UK sector outperformance over the past nine months.
However, the analysts noted that the Argos-driven earnings upgrades had "largely run their course", with Sainsbury's now on an eight-year price-to-earnings "relative peak" and a 26% premium on a foreign currency basis.
"We remain upbeat on UK food retailers as we reflect on near trough valuations at a time of strong mid-term earnings visibility (with 22/23 benefitting from a full Covid costs recovery and profit pools rebuild), as encapsulated by peak real yields offered by Tesco/WM Morrison relative to 10yr Gilts," said Jefferies, which kept its 280.0p price target on the stock unchanged.
18 Apr 2024 14:17
UK earnings, trading statements calendar - next 7 days
| Friday 19 April | |
| 888 Holdings PLC | Trading Statement |
| Man Group PLC | Trading Statement |
| Monday 22 April | |
| Brave Bison Group PLC | Full Year Results |
| Elixirr International PLC | Full Year Results |
| Frenkel Topping Group PLC | Full Year Results |
| Mobico Group PLC | Full Year Results |
| South32 Ltd | Q3 Results |
| Ten Lifestyle Group PLC | Half Year Results |
| Tuesday 23 April | |
| Alliance Pharma PLC | Full Year Results |
| Alphawave IP Group PLC | Full Year Results |
| Anglo American PLC | Trading Statement |
| ASA International Group PLC | Full Year Results |
| Associated British Foods PLC | Half Year Results |
| Eleco PLC | Full Year Results |
| GB Group PLC | Trading Statement |
| Jupiter Fund Management PLC | Trading Statement |
| Maintel Holdings PLC | Full Year Results |
| Property Franchise Group PLC | Full Year Results |
| Taylor Wimpey PLC | Trading Statement |
| tinyBuild Inc | Full Year Results |
| Trellus Health PLC | Full Year Results |
| Wednesday 24 April | |
| 1Spatial PLC | Full Year Results |
| abrdn PLC | Trading Statement |
| Ecora Resources PLC | Trading Statement |
| Fresnillo PLC | Trading Statement |
| Lloyds Banking Group PLC | Q1 Results |
| Nichols PLC | Trading Statement |
| PensionBee Group PLC | First Quarter Results |
| PZ Cussons PLC | Trading Statement |
| Reckitt Benckiser Group PLC | Trading Statement |
| Sanderson Design Group PLC | Full Year Results |
| Serica Energy PLC | Full Year Results |
| Star Energy Group PLC | Full Year Results |
| Tortilla Mexican Grill PLC | Full Year Results |
| Tracsis PLC | Half Year Results |
| Warpaint London PLC | Full Year Results |
| Thursday 25 April | |
| Aquila European Renewables PLC | Full Year Results |
| Argo Blockchain PLC | Full Year Results |
| AstraZeneca PLC | Q1 Results |
| Barclays PLC | Q1 Results |
| Checkit PLC | Full Year Results |
| Coca-Cola Europacific Partners PLC | Trading Statement |
| Destiny Pharma PLC | Full Year Results |
| Hikma Pharmaceuticals PLC | Trading Statement |
| Focusrite PLC | Half Year Results |
| Ibstock PLC | Trading Statement |
| Inchcape PLC | Trading Statement |
| J Sainsbury PLC | Full Year Results |
| London Stock Exchange Group PLC | Q1 Results |
| Persimmon PLC | Trading Statement |
| PPHE Hotel Group Ltd | Trading Statement |
| PureTech Health PLC | Full Year Results |
| Relx PLC | Trading Statement |
| Renewi PLC | Trading Statement |
| Schroders PLC | Q1 Results |
| Skillcast Group PLC | Full Year Results |
| Travis Perkins PLC | Trading Statement |
| Trifast PLC | Trading Statement |
| Unilever PLC | Q1 Results |
| WAG Payment Solutions PLC | Trading Statement |
| Weir Group PLC | Trading Statement |
| WH Smith PLC | Half Year Results |
| WPP PLC | Trading Statement |
| Zinc Media Group PLC | Full Year Results |
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