The post-Christmas trading update from bakery chain Greggs PLC (LSE:GRG) contained few surprises, judging from the share price reaction, which was muted.
An 18% rise in underlying sales for the three months ended 31 December wasn’t enough to get the brokers going either.
Having re-rated in the final quarter, the stock is fairly valued at 21 times earnings, said Shore Capital in an early note.
It rates the stock ‘hold’, though it lauded the efforts of newly-appointed CEO Roisin Currie, who has "seamlessly controlled the reins".
Jefferies, while reiterating its ‘buy’ advice and £29 price target, said the full-year results would likely match expectations rather than exceed them.
At 9.40 am, the shares were changing hands for £24.65, up just under 1%.