WMT - The Future Is Bright For Grocery Outlet: Analyst On Square Footage Growth And Digital Marketing As Key To Market Share Gains | Benzinga
Telsey Advisory Group analyst Joseph Feldman reiterated an Outperform rating on the shares of Grocery Outlet Holding Corp (NASDAQ: GO) with the same price target of $40.
In the near term, the business should remain solid (3Q23 comp guidance of ~6.5%), driven by solid traffic, as consumers continue to spend on basics and search for value and deals in an uncertain macro environment, said the analyst.
The analyst noted that the sourcing environment remains healthy given the demand-supply imbalance and ongoing product innovation, combined with the company’s growing partnership with existing and new vendors.
Grocery Outlet is also leveraging technology via its recently launched mobile ...