MOSCOW, June 25. /ITAR-TASS/. German retailer Metro Cash&Carry may hold an initial public offering (IPO) of its Russian affiliate in September, Bloomberg reported Wednesday, citing JPMorgan analysts as saying.

The investment bank has raised the recommendation for the retailer to “neutral” from “negative” and the target price to €32 from €24, a 3% upside potential.

Investor interest to Russian assets will increase as the ruble will continue strengthening against the euro, and the potential of local food retailers will be revalued. Nevertheless, Russian retailers Lenta and X5 Retail Group will still be more attractive than Metro, analysts said.