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

Greggs (LON:GRG) had its target price lowered by investment analysts at Berenberg Bank from GBX 3,060 to GBX 2,640 in a report issued on Thursday,Digital Look reports. The firm presently has a “buy” rating on the stock. Berenberg Bank’s price target would indicate a potential upside of 56.68% from the company’s current price.

Several other equities research analysts have also recently weighed in on GRG. Jefferies Financial Group reduced 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 report on Thursday. Shore Capital reiterated a “hold” rating on shares of Greggs in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and set a GBX 1,330 price objective on shares of Greggs in a research report on Wednesday, July 30th. Royal Bank Of Canada cut their price objective on shares of Greggs from GBX 2,350 to GBX 2,190 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Peel Hunt reiterated a “hold” rating and set a GBX 1,660 price objective on shares of Greggs in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of GBX 2,064.

Greggs Trading Up 1.9%

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

Insiders Place Their Bets

In other Greggs news, insider Matthew Davies acquired 1,249 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of GBX 1,600 per share, with a total value of £19,984. 0.56% of the stock is currently owned by company insiders.

Greggs Company Profile

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.