KBC Securities downgrades Ahold Delhaize to Accumulate

2026-02-23 17:06:41

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Investing.com – KBC Securities downgraded the rating of Dutch-Belgian supermarket operator Ahold Delhaize from Buy to Accumulate on Monday, citing limited upside potential relative to its new target price.

The broker raised the target price from €38 to €43, reflecting an update to the model following strong Q4 performance and free cash flow generation.

KBC noted that profit margins in the US market remain resilient, price investments are paying off, and comparable sales growth is gradually improving relative to regional peers.

In Europe, the broker expects profit margins to improve, driven by synergies from the Profi acquisition and earlier restructuring of the Belgian operations.

KBC believes the company has the potential to surpass its 2026 profit margin target, with an adjusted EBIT margin forecast of 4.1%, compared to the company’s guidance of 4.0%.

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