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Citi gives the thumbs up to Ocado

30 August 2017 16:02

Equity research analysts at Citigroup said they believe the largest pure-play online grocery retailer Ocado (LON:OCDO) is well placed to be a key provider with its end-to-end automated warehouse solution in a huge global grocery market.

The brokerage arm of the bank initiated coverage on the stock with a 'Buy' recommendation and target price of 4 quid, implying an expected total return (ETR) of almost 40%.

"We believe Ocado will benefit from both the secular growth in online and mobile penetration and its position at the vanguard of automation in the grocery category," Citi said.

"With structural advantages for customers and leading unit economics we expect Ocado to deliver strong compound growth (18% 5yr EBITDA CAGR)."

At 4:02pm: (LON:OCDO) Ocado Group Plc share price was +11.55p at 303.15p

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