Morgan Stanley downgraded J Sainsbury (JSAIY) to Underweight from Equal Weight with a price target of 276 GBp, down from 281 GBp. The firm’s new UK household cash flows model shows disposable spending power “is set to decelerate meaningfully.” This should lead to a widening of the gap between winners and laggards in European food retail, the analyst tells investors in a research note. The firm adjusted ratings in the sector, preferring companies with strong cash flows and volume resilience..
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