Greggs and Coca-Cola HBC Lead London Market Watchlist

The London stock market is watching three key names as they head into Q4: Greggs, Coca-Cola HBC, and Victrex. Panmure Liberum upgraded Greggs to Buy from Hold with a target price of 2,440p, citing the bakery chain's third-quarter update which showed total sales rose 7.7% in the 13 weeks to September 26.

Greggs expects a 'modestly improved' outcome for 2026 and is overhauling its manufacturing operations. Panmure Liberum noted that the company has turned from an earnings downgrade cycle to an upgrade cycle, with improving cash generation.

Coca-Cola HBC, which serves Europe, Africa, and emerging markets, drew a reiterated Buy rating from Berenberg at 5,483p. The broker highlighted the potential for long-term growth following the acquisition of Coca-Cola Beverages Africa.