News Column

Ocado drops 13% as broker halves share price target

August 28, 2014

Nick Fletcher,

Online grocery firm Ocado has come under pressure after a negative note on the business.

Despite a good performance from its partner Morrisons, up 2.6p at 187p, Ocado's shares have slumped 52.6p to 351p, a 13% decline. Market share data from Kantar Worldpanel on Wednesday showed a weak sales performance from Morrisons, but analysts suggested there were signs it was turning the corner.

So the main hit to the Ocado shares in early trading is a sell note from analysts at Redburn, who have cut their sales forecasts and reduced their price target from 500p to 257p.

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Source: Guardian Web

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