Grocery Outlet rises after BofA lifts rating to 'buy'
GO•Grocery Outlet shares rose 2.6% after BofA upgraded the stock to buy from neutral and raised its price target to $15 from $12.50.
1. BofA upgrades shares
BofA said valuations remain attractive despite concerns about supply chain costs, East Coast productivity and mixed results from the store refresh program. It said Grocery Outlet’s “treasure hunt” shopping model is improving under CEO Jason Potter and expects e-commerce pricing parity with DoorDash, Uber Eats and Instacart to support sales.
