Delhaize Group’s (Delhaize) 1Q 09 revenues were in line with our estimates, while the significant y-o-y growth in operating and adjusted1 net income was higher than our expectations. However, operating and adjusted net margin remained in line with our expectations. Hence, although the company reported strong 1Q 09 results and given our positive outlook for the company, as the common stock is trading near its fair value, we maintain our HOLD rating....

Although Delhaize Group’s (Delhaize) 4Q 08 revenues were above our estimate, operating margin was below our expectation. Given the mixed 4Q 08 results and challenging economic environment with rising US unemployment, we expect to reduce our estimates and target price in our next update report. Therefore, although the target price derived in our last update report does not support a HOLD rating at current price levels…

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Delhaize Group’s (Delhaize) 4Q 08 and FY 2008 revenues were above our estimates, primarily driven by strong sales in the US. Going forward, given the company’s robust expansion plans and strong 4Q 08 and FY 2008 results, we upgrade our common stock rating from a HOLD to BUY. We will reassess our target price and rating in our next update report, once the company releases its 4Q 08 and FY 2008 results. As we expect a significant negative…