Analyst Andrew Wade from Jefferies maintained a Buy rating on Greggs plc and keeping the price target at p2,650.00.
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Andrew Wade has given his Buy rating due to a combination of factors including Greggs plc’s ability to maintain its full-year guidance despite a challenging summer. Although the like-for-like sales growth in the third quarter was softer than the first half of the year, it was still in line with expectations and showed improvement in August and September after a weak June.
Additionally, the company is expected to benefit from slightly lower cost inflation than previously anticipated. While there is a reduction in the number of new store openings, this is attributed to the timing of opportunities rather than a fundamental issue. Wade views Greggs as a high-quality proposition trading at a decade-low multiple, which supports the Buy rating.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a p1,804.00 price target.
Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GRG in relation to earlier this year.