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Deutsche Bank upgrades Greencore to 'buy', shares surge
(Sharecast News) - Deutsche Bank upgraded Greencore on Thursday to 'buy' from 'hold' and lifted the price target to 225p from 195p. "Our key takeaway from Greencore's Capital Market Event yesterday, was the primacy of returns for the management team with a medium term target more than 15% return on invested capital, up from the 11.5% generated in FY 24," the bank said.
It said this is the output of a business delivering 3-5% revenue growth and achieving an adjusted operating profit margin of more than 7%.
"We think that the combination of growth opportunities from the core business and addressing the three 'C's of new Categories, Customers and Countries, although we have some reservations about the latter should support the revenue ambitions," DB said.
"This could be further supplemented by strategic M&A."
At 1055 GMT, the shares were up 10% at 201.50p.
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