Greggs a buy after ‘remarkably punchy’ sales target says broker


Greggs PLC (LSE:GRG)‘s first-ever capital markets day, impressed Berenberg, as the bakery and coffee chain increased its new store roll-out target and published a ‘remarkably punchy target’ to double revenue to GBP2.4bn by 2026 from GBP1.2bn this year.

The broker raised its price target to 3,600p and it thinks, while stiff (that’s a lot of vegan sausage rolls and coffee), the sales target can be met.

“Ultimately, we think the target is achievable, and that makes Greggs look cheap.”

Shares rose by 2.4% to 3,319p.


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