ING maintains its 'hold' recommendation on Ahold Delhaize shares, shaving a euro off its target price from €36 to €35, as well as its revenue and earnings forecasts due to higher currency headwinds.

We remain cautious on Ahold Delhaize USA's organic growth, noting the ongoing investment program as inflation begins to rise, as highlighted by Walmart in its quarterly publication, the broker says.

ING says it is 1.2% below consensus on adjusted EPS, although it expects these investments to pay off in the medium term, with an adjusted EPS forecast for 2028 that is 3.3% above consensus.