Greggs Maintained at Hold as Balanced Risk-Reward Keeps $1610 Price Target Unchanged

Jefferies analyst Andrew Wade maintained a Hold rating on Greggs plc today and set a price target of p1,610.00.

Andrew Wade has given his Hold rating due to a combination of factors reflecting both progress and remaining constraints at Greggs. The company delivered an improvement in like‑for‑like sales in Q1, aided by successful menu innovation such as the new Chicken Roll, and it reiterated guidance on store openings, costs, and profit, underlining management confidence.

However, Wade notes that much of the sales growth appears to be driven by price rather than underlying volume, which tempers the quality of the momentum. With the outlook clouded by potential food inflation in the second half and geopolitical uncertainties, yet mitigated by effective hedging, he sees the risk‑reward profile as balanced, justifying a Hold recommendation and leaving the price target unchanged at $1610.