Allegro (ALE PW): Strong trends in e-Commerce drive upside: we raise PT to PLN56/sh

This is J.P. Morgan's CEEMEA First to Market morning meeting publication for 21 September 2026, summarising the day's key strategy, macro and industry research. Equity Strategy (Mislav Matejka): Brent's breakout above $100 and the move up in bond yields, with US 10-year near 5%, have weighed on equities, but the damage so far is limited (SPX down 2% from August highs, SXXP down 4%, both from record closes). We see healthy corporate profit margins and unleveraged balance sheets offering support and expect equities to absorb higher bond yields, with markets realigning with the fundamental backdrop more closely in October. Profit margins have typically peaked 8-9 quarters ahead of economic downturns; globally, the share of companies expected to post positive EPS growth in 2026 has risen above 80%, and net debt-to-equity ratios are typically 20-40% below historical averages;