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Ocado Group (OCDO)

Share Price:
Down 1,302.50p
Change Today:
-19.50p
Market Cap:
9,095m

Ocado shares rally as Citi bumps up price target, reiterates 'buy'

21 Jun 19

LONDON (ShareCast) - (Sharecast News) - Shares of grocery delivery company Ocado rallied on Friday as Citi upped its price target on the stock to 1,450p from 1,300p and reiterated its 'buy' rating.
"We reiterate our buy rating with our view that Ocado leads in a global online grocery market experiencing secular and structural growth," Citi said.

"Moreover the advent of the Ocado Zoom immediacy solution (less than one hour deliveries) significantly increases its addressable market, with the opportunity for greater automation (notably outbound robopicking) underpinning its long term economics," the bank added.

Citi said that Ocado Zoom, which is designed to deliver groceries to customers within a one-hour window, doubles the addressable market.

At 1255 BST, the shares were up 4.1% at 1,147.50, sitting at the top of the FTSE 100 index.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Market Data

Currency UK Pounds
Price 1,302.50p
Change Today -19.50p
52 Week High 1,435.00p
52 Week Low 749.80p
Volume 1,238,247
Shares Issued 698.25m
Market Cap 9,095m

Dividends

No dividends found