Berenberg Bank Lowers Greggs (LON:GRG) Price Target to GBX 2,640

Key Points

• Berenberg Bank has reduced its price target for Greggs from GBX 3,060 to GBX 2,640, while maintaining a "buy" rating on the stock, indicating a potential upside of 56.68% from the last close.
• Multiple analysts have revised their price targets for Greggs, with Jefferies cutting theirs to GBX 2,500, and Deutsche Bank maintaining a "sell" rating with a target of GBX 1,330.
• Greggs' stock opened at GBX 1,685, showing a market capitalization of £1.72 billion, and has a consensus rating of "Hold" alongside an average target price of GBX 2,064.

Greggs (LON:GRG - Get Free Report) had its price target cut by Berenberg Bank from GBX 3,060 to GBX 2,640 in a report issued on Thursday,Digital Look reports. The brokerage presently has a "buy" rating on the stock. Berenberg Bank's price objective suggests a potential upside of 56.68% from the company's previous close.

GRG has been the topic of a number of other reports. Jefferies Financial Group dropped their price target on shares of Greggs from GBX 2,650 to GBX 2,500 and set a "buy" rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating and set a GBX 1,330 target price on shares of Greggs in a report on Wednesday, July 30th. Peel Hunt reissued a "hold" rating and issued a GBX 1,660 price target on shares of Greggs in a report on Wednesday. Royal Bank Of Canada decreased their price target on shares of Greggs from GBX 2,350 to GBX 2,190 and set an "outperform" rating on the stock in a report on Thursday. Finally, Shore Capital reissued a "hold" rating on shares of Greggs in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of GBX 2,064.

Greggs Stock Up 1.9%

Shares of LON GRG opened at GBX 1,685 on Thursday. The stock has a market capitalization of £1.72 billion, a P/E ratio of 1,194.19, a P/E/G ratio of 3.39 and a beta of 1.43. The company has a 50-day moving average price of GBX 1,599.89 and a 200-day moving average price of GBX 1,770.66. Greggs has a 1 year low of GBX 1,499 and a 1 year high of GBX 2,956. The company has a debt-to-equity ratio of 66.19, a current ratio of 0.80 and a quick ratio of 0.88.

Insider Activity

In other Greggs news, insider Matthew Davies acquired 1,249 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were bought at an average price of GBX 1,600 per share, with a total value of £19,984. Insiders own 0.56% of the company's stock.

About Greggs

Greggs is a leading UK food-on-the-go retailer with more than 2,600 shops nationwide and approximately 33,000 employees across the business. As a food-on-the-go retailer, Greggs specialises in daily fresh shop-made sandwiches, and savouries baked fresh in the shop ovens throughout the day. These are further complemented by popular products and ranges including freshly ground coffee, breakfast, confectionery and evening menu items.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.