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Broker snap: Ocado may get FTSE 250 boost
Wed, 08 Feb, 2012
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Broker snap: Ocado may get FTSE 250 boost
Wed, 1 Sep 2010, 12:15:00
The flotation of loss-making grocery delivery outfit <b>Ocado </b>was a humbling experience for some of the City's biggest names and a wallet-damaging one for shareholders persuaded to support it. The company's expected imminent promotion to the FTSE 250 could boost demand for the shares, reckons JP Morgan Cazenove, one of the joint-sponsors of the flotation. Results next Tuesday could also be a catalyst for the shares to pull out of their slump; the shares were floated at 180p, after initial plans to float them somewhere between 200p to 275p, but even at that lower price the shares have proved unpopular and languish below 150p. Cazenove's, though, still has faith and has plonked a 180p price target on the company's shares, though it admits "valuing Ocado is a challenge." Barclays Capital is marginally more optimistic and has a price target of 185p.
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