Anticipation of Ahold Delhaize's upgrade to its full-year guidance in Wednesday's second-quarter earnings drove shares to new pandemic-era peaks in recent weeks, but investors will now be watching for any sign of third-quarter weakness, Jefferies says. The Dutch grocer lifted its full-year per-share earnings guidance and raised margin expectations, but U.S. demand support will now be the focus, the bank says. "Critical to future performance will be the extent to which the logical disconnect of concurrently soaring food-service spend and structurally higher grocery store sales will develop in a post-pandemic U.S. market," Jefferies says, retaining its hold rating and price target of EUR25.0. Shares are up 1.8% at EUR27.34. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

August 11, 2021 04:03 ET (08:03 GMT)

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