Jefferies analyst Andrew Wade has maintained their bullish stance on GRG stock, giving a Buy rating on July 9.
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Andrew Wade has given his Buy rating due to a combination of factors, including Greggs plc’s current valuation and the company’s pricing strategy. Despite a recent profit warning attributed to weather conditions, Wade anticipates a positive trend in the second half of the year. The company’s valuation is near a decade low, which presents an attractive opportunity for investors.
Greggs’ pricing has only slightly softened compared to its competitors, maintaining a competitive edge. The company’s sandwich prices have increased by 6% over the past year, aligning with similar increases by Sainsburys and Boots, and outperforming others like Tesco and Pret. This pricing strategy, combined with the expected improvement in sales trends, supports Wade’s optimistic outlook on Greggs plc.
In another report released on July 9, UBS also maintained a Buy rating on the stock with a p2,200.00 price target.