JPMorgan starts Greggs at 'overweight'
By Iain Gilbert
Date: Friday 05 Dec 2025
(Sharecast News) - JPMorgan initiated coverage on bakery chain Greggs with a 2,110p target price and an 'overweight' rating on Friday, as it said a re-rating appeared to be "on the menu".
JPMorgan said its rating was driven by its proprietary benchmarking analysis, which suggested Greggs was "a structural winner".
It also pointed to "a rather asymmetric risk-reward in the investment case", stating that with shares trading on trough multiples and the business approaching trough cycle, its bull case indicated 55% upside potential.
JPM highlighted Greggs' "significant re-rating potential", with catalysts being "more resilient-than-expected" on a like-for-like basis, with earnings delivery from FY26 onwards, coupled with an inflection in free cash flow and capital returns.
Reporting by Iain Gilbert at Sharecast.com
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