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Just Eat Takeaway (JET) +1.61% after JP Morgan forecasts +55% rise in UK orders
Just Eat Takeaway (JET) got a small share boost in London on Tuesday after JP Morgan said that the food delivery company is on track to post a 55% rise in Q3 domestic orders.
Just Eat Takeaway.com (JET) closed 1.61% higher in London after JP Morgan (JPM) said that the food delivery service’s Q3 should beat the consensus following a sharp rise in domestic orders in the UK.
The investment bank divulged its latest insider information ahead of Just Eat Takeaway’s latest quarterly report, but the coverage wasn’t all positive as performance in the US is lagging behind other countries.
JP Morgan revealed that its first-party data analysis shows a 55% spike in overall domestic orders compared to a year ago, though the figure for the US is just +6%.
The “rather weak” growth could be a concern, especially as Just Eat Takeaway is investing heavily in several markets, and has arrived late on the scene with its grocery delivery service compared to key rivals.
However, JP Morgan does believe that JET shares are a good-value proposition when set against other players in the food delivery market.
That said, the low stock price could tempt a bigger company to target a takeover in the future, though this remains unlikely in the US and South Africa for now at least.
JP Morgan rounded out its update by reiterating a neutral rating and 8,437p price target for Just Eat Takeaway.
JET was trading well below that on Tuesday, but it did make modest gains of 1.61% in London to finish at 5,506p.
In the US, Airbnb (ABNB) climbed 3.7% after Cowen said that the vacation rental company is on track to deliver solid bookings growth for 2022 as it raised its rating to outperform.
MGM Resorts (MGM) also rose 9.6% after Credit Suisse pivoted from neutral to outperform in an update on the American hospitality company.
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