Berenberg reinstates 'buy' recommendation for Greggs, raises target price

Analysts at Berenberg reinstated their recommendation to 'buy' Greggs and bumped up their target price on the back of the company's first-ever capital markets day.

At the CMD, the company increased its target for new store roll-outs and set out what the analysts termed a "remarkably punchy" goal for doubling revenues to £2.4bn by 2026.

Ultimately, they said, that target seemed achievable, making the shares look "cheap".

Hence their decision to reinstate their 'buy' recommendation for the stock and to raise their target price from 3,300.0p to 3,600.0p.