HelloFresh's modelled fair value has been cut to €4.30 from €5.19, a reduction of around 17%, after a round of analyst target revisions narrowed price targets to a range of €2.30 to €3.50. Kepler Cheuvreux upgraded HelloFresh to Hold from Reduce with a €2.30 target, while Deutsche Bank maintained a Hold rating alongside its revised €3.50 target. On the bearish side, Morgan Stanley reiterated an Underweight rating while trimming its target to €3.50, Barclays moved HelloFresh to Underweight and cut its target to €3.10, and JPMorgan maintained a Neutral rating but cut its target to €2.70 from €3.30. The updated valuation assumptions also lowered revenue growth to 0.53% from 2.73% and net profit margin to 0.37% from 0.83%, while the future P/E moved to 26.4x from 12.0x and the discount rate rose to 7.91% from 5.67%.
HelloFresh SEAnalysts cut HelloFresh fair value to €4.30 and trimmed price targets on weaker guidance, with several downgrades to Underweight.
JPMorgan Chase & Co
