KBC cuts Ahold Delhaize to 'accumulate' on limited upside
KBC Securities downgrades Dutch-Belgian supermarket operator Ahold Delhaize AD.AS to "accumulate" from "buy", citing limited share price upside to its new target price
The brokerage raises its price target to EUR 43 from EUR 38, reflecting a model rollover after strong fourth-quarter results and impressive free cash flow generation
KBC notes US margins remain resilient and that "price investments are paying off" as comparable sales growth gradually improves against peers in the region
In Europe, the broker expects margins to improve, driven by synergies from the Profi acquisition and an earlier reorganisation in its Belgian business
It sees potential for the company to outperform its 2026 margin target, forecasting a 4.1% adjusted EBIT margin versus the company's own 4.0% guidance
Out of 17 analysts that cover Ahold Delhaize, nine rate the stock "strong buy" or "buy," six rate "hold" and two rate the stock "strong sell" or "sell" - LSEG data
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