Long-Standing Ocado Bull Gives Up After 65% Share-Price Rout
- Bernstein cuts rating to underperform before earnings release
- Firm needs to ‘seriously consider its options,’ analyst says
The Ocado app.
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An analyst who rooted for Ocado Group Plc for more than two years has reversed his call on the stock, saying the online grocery firm needs to “seriously consider its options” given project delays and liquidity challenges.
Bernstein double downgraded the shares to underperform on Monday, sending the shares down as much as 14% on the eve of Ocado’s latest earnings release. The broker had held an outperform rating since March 2022, during which time the shares had fallen by about two thirds.