Ocado Group Plc's recent stock rally may have further to run, according to JPMorgan Chase & Co. analysts. The online grocer's shares have more than doubled since hitting a 13-year low in mid-July, and JPMorgan's Marcus Diebel sees this as the beginning of a longer-term revaluation.
Diebel, in a note on Tuesday, expressed ongoing enthusiasm for Ocado's investment potential, citing momentum in its turnaround efforts. He raised his price target for the stock from 290p to 460p, the highest among analysts tracked by Bloomberg. This new target suggests a 45% upside from the stock's last closing price.
The analyst's bullish outlook comes as Ocado continues to recover from its earlier slump. The company's shares have shown significant resilience, and Diebel's upgraded target underscores confidence in the sustainability of this rebound.