Citi downgrades Sainsbury's to 'neutral'
By Michele Maatouk
Date: Tuesday 23 May 2023
(Sharecast News) - Citi downgraded its stance on Sainsbury's on Tuesday to 'neutral' from 'buy' and cut the price target to 295p from 320p following a strong sector-relative performance, with the shares up 29% year-to-date.
"Against the backdrop of elevated food inflation and the cost of living crisis, Sainsbury has done little wrong, executing on its strategy to drive value into its offer and take cost out," Citi said.
"However, with a flat to 'small down' year-over-year guide (consistent with peers) and a 13x FYMar25E PER ahead of others already buying back shares, we move to the sidelines."
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