Shares in Ocado Group PLC (LSE:OCDO) fell 1.6% after a largely negative broker circular by a leading investment bank.
Credit Suisse cut its target price to 1,500p a share from 1,550p while maintaining its ‘underperform’ recommendation.
It cited three key reasons: The lack of ‘immediate upside’ from an announcement by one of its customers, the US retailer Kroger; increased competition from the soon-to-be-listed AutoStore; and a slower-than-anticipated ramp-up of its warehouse at Erith, Kent, which suffered fire damage.