Metcash upgraded to Buy from Hold at Jefferies

Jefferies upgraded Metcash to Buy from Hold with a price target of A$4, up from A$3.60, after three acquisitions were announced. The acquisitions were “strategically sound” and the prices paid were “reasonable,” says the analyst, who sees FY24 EBIT as “likely to land in line with previous expectations” and argues that acquisition integration improves the growth profile.