3i upgraded to buy at Citi due to its holding discount retailer Action

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Private-equity group 3i was upped to buy from neutral at Citi, mostly due to its largest current investment, European discount retailer Action. “Although the business saw a temporary impact from the COVID-19 pandemic, it has bounced back even stronger, with growth rates ahead of management’s expectations following the lifting of the first round of domestic lock-downs,” said Citi. More recent investments including Cirtec Medical, Evernex and SaniSure are “promising given attractive growth potential within the underlying sectors and, additionally, are impressed by the recent operationally driven value accretion in Royal Sanders and strong earnings growth within Luqom Group.”
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