Barclays upgraded Ocado on Thursday to ‘equalweight’ from ‘underweight’ as it cut the price target to 775p from 1,500p, arguing that risks are more evenly balanced.
“With retail sales set to improve, balance sheet concerns reduced for the time being and CFC (customer fulfilment centre) deal flow expectations tempered, we think the balance of upside and downside risks is now more evenly poised,” the bank said.
“We value Ocado at 775p per share and hence move our stock rating from underweight to equalweight.”
