Greggs PLC (LSE:GRG)’s first-ever capital markets day, impressed Berenberg, as the bakery and coffee chain increased its new store roll-out target and published a ‘remarkably punchy target’ to double revenue to £2.4bn by 2026 from £1.2bn this year.
The broker raised its price target to 3,600p and it thinks, while stiff (that’s a lot of vegan sausage rolls and coffee), the sales target can be met.
“Ultimately, we think the target is achievable, and that makes Greggs look cheap.”
Shares rose by 2.4% to 3,319p.