logo-loader
viewJust Eat Takeaway.com NV

Just Eat Takeaway.com upped to ‘overweight’ as JP Morgan Cazenove predicts acceleration in UK growth

The investment bank is expecting that the number of UK restaurant sign-ups to the firm's platform will accelerate to over 10% in the second half of its current year

Just Eat Takeaway.com NV - Just Eat Takeaway.com upped to ‘overweight’ as JP Morgan Cazenove predicts acceleration in UK growth

Online food delivery firm Just Eat Takeaway.com (LON:JET) has been upgraded to ‘overweight’ from ‘neutral’ by JP Morgan Cazenove as the broker predicted that growth in the firm’s UK market will “accelerate strongly” in the coming year.

The investment bank, which has pegged the firm with a target price of 10,500p, is expecting that the number of UK restaurant sign-ups to the platform will accelerate to over 10% in the second half of its current year.

READ: Just Eat clinches nationwide delivery partnership with McDonald’s

Analysts also highlighted that eatery sign up rates for competitors Deliveroo and UberEat had stalled at a time when JET was about to “execute well on brand, tech and restaurant sign ups”.

Meanwhile, JP Morgan said the company’s 33% stake in Brazilian delivery group iFood was unlikely to be sold off in the short-term due to its strong growth, with revenues in the business up 80% in the 2020 financial year.

“Giving the growth profile, we value the [iFood] asset at £1.5bn - +30% above consensus”, the bank said.

The positive assessment drove the shares 5% higher to 7,985p in lunchtime trading on Tuesday.

Quick facts: Just Eat Takeaway.com NV

Price: 6050 GBX

LSE:JET
Market: LSE
Market Cap: £3.7 billion
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Animoca Brands inks deal with Atari for its The Sandbox gaming platform

Animoca Brands Corporation Ltd's (ASX:AB1) co-founder and chairman Yat Siu speaks to Proactive's Andrew Scott after announcing its blockchain gaming platform The Sandbox is partnering with Atari - one of the world’s most iconic gaming brands. He says the idea's to create 3D voxel versions of...

12 hours, 51 minutes ago

2 min read