Greggs shares (LON: GRG) have seen a shift in sentiment from the analyst community in recent days, with three major firms lowering their price target on the stock. With the share price having fallen by 37.50% year-to-date, to it’s lowest level in more than two years, markets are adjusting to the latest financials.
Berenberg has reduced their price target on GRG from 3,420p to 3,250p. Despite the lowered price target, they maintain a “buy” rating on the stock, reflecting continued confidence in its potential growth.
Deutsche Bank stand at the other end of the spectrum, with a Sell rating, and a newly minted 1,330p price target. This new PT is a considerable drop from the previous mark of 2,000p, and comes off the back of recent results that failed to get the bulls moving.
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UBS are the third analyst to lower their price target on the day, dropping to 2,300p from the previous 3,150p. The firm do remain bullish, with a Buy rating held in place, yet after recent results have adjusted expectations.
Financially, Greggs shows a market capitalisation of £1.8 billion and a price-to-earnings (P/E) ratio of 11.74.
Recently, the company reported earnings per share of 150.70p as of March 4th and projects earnings per share of approximately 142.38p for the current fiscal year. Greggs boasts a return on equity of 26.79% and a net margin of 7.13%, marking efficient use of equity capital and profitability.
Greggs remains a major player in the UK retail landscape with over 2,400 shops and approximately 32,000 employees.
Despite the shifting landscape in the analyst community, the consensus target of 2,416p remains significantly to the upside. Shifting sentiment in light of recent results could prove tricky, yet the stock is moving into a previous support level from back in 2022 that may provide some respite. After such a downwards start to the year, holders will be looking for all the support they can find.
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