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UK's Ocado rises after JPMorgan upgrades price target

By Reuters News

** Shares of British technology and online grocery group Ocado OCDO.L up 5% at 333 pence, top gainer on London's mid-caps index .FTMC
** JPMorgan raises target price to 460 pence from 290 pence
** Brokerage says it no longer assumes further Customer Fulfilment Centre (CFC) closures in PT and sees potential stronger demand

** Analysts say pipeline of new CFCs scheduled for 2027-2029 provides visibility into technology solutions revenue growth

** Brokerage projects 2025-2028 EBITDA CAGR of 21%

** Ocado Retail operations, JV with Marks and Spencer MKS.L, has emerged as the fastest-growing UK retailer, analysts note
** 5 of 15 brokerages rate the stock "buy" or higher, 5 "hold" and 4 "sell" or lower; their median PT is 300 pence - LSEG-compiled data
** Up to Monday's close, stock had risen 34.4% YTD, compared to 7.82% YTD rise in FTMC

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