HelloFresh cut to underweight by JPMorgan

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HelloFresh , the German maker of prepared foodkits, was downgraded to underweight from neutral by JPMorgan Cazenove. “In contrast to other work-from-home beneficiaries, we anticipate a relatively quick and sharp slowdown in active customer growth once lockdown measures are lifted given a unique combination of a) still high churn on a (now) much larger customer base and b) less new/reactivated customers making it into the funnel going forward,” said the analysts. HelloFresh, which separately announced an acquisition, was the second worst performing component of the Stoxx Europe 600 on Monday.
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