JPMorgan upgraded Ocado Group to Neutral from Underweight with a price target of 600 GBp, up from 400 GBp. The rating change is part of the firm’s European internet 2024 outlook. Having favored the high margin, low debt names in the online classifieds sector in the past two years, the firm now turns its sector preference towards names with strong earnings momentum, higher leverage and scope for acquisitions.
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