29 Mar, 2023 13:05

Deutsche Bank hikes target price on JD Wetherspoon

dl jd wetherspoons pub sign outside drinking — WetherspoonsSharecast photo / Josh White

Wetherspoon (J.D.)

732.00p

10:50 06/06/23

-0.27%

-2.00p

Analysts at Deutsche Bank hiked their target price on pub chain JD Wetherspoon from 640.0p to 750.0p on Wednesday, stating demand had been "reset".

FTSE 250

19,090.32

10:50 06/06/23

n/a

FTSE 350

4,183.25

10:50 06/06/23

n/a

FTSE All-Share

4,142.17

10:50 06/06/23

n/a

Travel & Leisure

7,590.96

10:50 06/06/23

-0.21%

-15.61

Deutsche Bank highlighted that Wetherspoon shares were up roughly 52% year-to-date, versus the UK midcap index which was down approximately 2%.

"Markets cheered the H123 results (out Friday last week), with the shares up circa 16% from Thursday's close," said Deutsche Bank.

The German bank said the reason for this was the strength in like-for-like sales growth in the first half, as well as continued momentum into the second.

"Given the run-up in share prices, is the potential for further outperformance negligible?," mulled DB, which also reiterated its 'buy' rating on the stock.

Reporting by Iain Gilbert at Sharecast.com