Brokers note - Greggs
Brewin Dolphin has increased its target price on Greggs from 400p to 450p following its interim results this week.The broker says this increase is a result of it upgrading its pre-tax pr ofit forecast on the company by £0.9 million to £46.9 million, which reflects the good progress it is making in simplifying its business - including converting old Bakers Oven stores to the Greggs fascia and the sale of the Belgium business.
Brewin Dolphin believes the benefits from these moves and the centralisation of the business will be increasingly felt through next year and it retains its 'Add' recommendation on the company. Greggs' shares moved up 3% to 425p this morning (August 13).
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