Just Eat Takeaway receives upgrade as analysts acknowledge cost control progress
Analysts at JPMorgan have upgraded their rating on Just Eat Takeaway, citing progress in the company's cost control measures.
JPMorgan raised its rating on Just Eat Takeaway from "neutral" to "overweight," with a target price of €28.00 per share. This represents an upgrade from their previous rating of "neutral" and a target price of €23.00.
In a note to clients, JPMorgan analysts praised Just Eat Takeaway's "significant progress" in improving its financial performance in 2023. They also noted that the company has made "material progress" in addressing its cost base and improving its profitability.
Just Eat Takeaway's shares have been under pressure in recent months due to concerns about its profitability and its exposure to the competitive and volatile food delivery market. However, the company's recent cost-cutting measures, coupled with its strong performance in key markets such as the UK and the Netherlands, have helped to improve sentiment towards the stock.
JPMorgan analysts believe that Just Eat Takeaway is now "well-positioned" to benefit from the long-term growth in the food delivery market. They also believe that the company's cost control measures will help to improve its profitability and margins.
The upgrade from JPMorgan is a positive sign for Just Eat Takeaway, and it could provide a boost to the company's share price in the coming months.
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