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’s rating is based on a combination of factors including Greggs plc’s strategic expansion plans and its resilience despite recent challenges. The company has maintained its guidance for the fiscal year 2025, with expectations to open 140-150 new shops, indicating confidence in its long-term growth potential. Furthermore, Greggs is experiencing growth in evening revenues and increased app usage, which are positive indicators of its ability to adapt to changing consumer behaviors.
Despite a challenging first half with lower-than-expected like-for-like sales due to market conditions and weather disruptions, the underlying business remains robust. The significant drop in share price year-to-date presents an attractive entry point for investors, as the fundamentals suggest potential for recovery and growth in the second half of the year. These factors contribute to Andrew Wade’s decision to rate Greggs plc with a Buy recommendation.