buzz12 Jan 2021 14:18
* JP Morgan expects food, home and personal care (HPC) stocks to be under pressure from macro headwinds, but believes the debate should increasingly turn to COVID-19 winners
* In its view, the COVID-19 crisis has accelerated trends that were already in the making, such as online shift and increased focus on healthy lifestyle
* The broker sees a more positive end to 2020 for the food/HPC players more exposed to at-home consumption
* JPM highlights companies that will emerge better off post COVID-19: Reckitt Benckiser , Nestle and JDE Peet's , all rated "overweight", whose valuation looks compelling versus peers
* It continues to see L’Oréal ("overweight") as a structural winner of the online acceleration in Western markets
* On reopening/turnaround trade, the brokerage favours "overweight"-rated Henkel and Ontex