Andrew Wade, an analyst from Jefferies, maintained the Buy rating on Greggs plc (GRG – Research Report). The associated price target remains the same with p2,650.00.
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Andrew Wade has given his Buy rating due to a combination of factors that indicate a positive outlook for Greggs plc. The company has shown an acceleration in like-for-like sales, with a notable increase from the first nine weeks to the first twenty weeks of FY25. This improvement is attributed to a weaker comparative period and adverse weather conditions that initially impacted trading.
Additionally, Greggs remains on track with its expansion plans, aiming to open 140-150 new shops within the year, and has maintained its cost inflation outlook. The Board’s unchanged expectation for full-year profit before tax further supports the confidence in the company’s performance. Despite some recovery in the stock price, Wade believes there is still potential for further gains, reinforcing his positive stance on the stock.
In another report released on May 16, Barclays also maintained a Buy rating on the stock with a £24.95 price target.
Based on the recent corporate insider activity of 7 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.