UK's Greggs drops after Jefferies cuts PT on GLP-1 headwinds (updated)

Greggs

09/02/2026 08:48

Updates

** British baker and fast-food chain Gregg's shares GRG.L down 4.6% at 1574; among top loser on FTSE mid-cap index .FTMC

** Jefferies downgrades to "hold" from "buy", cuts PT to 1,610p from 2,500p

** "We are increasingly of the view that rapid uptake of GLP‑1 weight‑loss drugs is impacting Greggs" - Jefferies

** "We think Greggs remains high quality, but the more muted outlook drives our downgrade," brokerage says

** Normalisation in weather trend should provide Greggs with opportunity to post solid LFLs in 2026,

even against the GLP-1 headwind - Jefferies

** 7 of the 15 analysts covering the stock have a "buy" or higher rating, 6 have "hold" while 2 rate it at "sell" or lower; median PT is 1730p - LSEG data

(Reporting by Sri Hari N S in Bengaluru)

((Srihari.ns@thomsonreuters.com))