Ocado Group (OCDO)

Down
Share Price:
244.20p
Market Cap:
£2,059.86m
Change Today:
-13.20p
Sector:
Food Pharmacy Retail

JPMorgan places Ocado on 'positive catalyst watch', shares spark

By Michele Maatouk

Date: Tuesday 06 Jan 2026

LONDON (ShareCast) - (Sharecast News) - JPMorgan placed Ocado on 'positive catalyst watch' on Tuesday as it pointed to improving fundamentals.
The bank said it expects a strong message on free cash flow at the upcoming full-year results on 26 February.

JPM said share price volatility has been rather pronounced throughout 2025, but from here it sees several drivers for greater operational stability.

It highlighted clarity on Kroger, with the partnership confirmed to continue with six sites, as well as a strengthened balance sheet following the repayment of the 2025/2026 maturities and the receipt of the £260m ($350m) termination fee from Kroger this month.

JPM also pointed to a focus on cost optimisation and margin expansion, improving free cash flow conversion with management confirming in its recent meeting with chairman Adam Warby that it would be FCF breakeven on a full-year basis by 2027.

In addition, the bank said the recently announced termination of exclusivity in most markets provides Ocado with increased optionality, particularly in the US.

"We argue our Nov-27 290p price target (unchanged) reflects an implied reduction of an additional 37 modules (i.e. beyond Kroger's announced site closures) which we view as highly unlikely at this point."

JPM - which rates Ocado at 'overweight' - noted positive feedback from both AEON and Coles, two other large clients of Ocado, during a recent investor call.

At 0817 GMT, Ocado shares were up 6.1% at 251p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Ocado Group Market Data

Currency UK Pounds
Price 244.20p
Change Today -13.20p
52 Week High 371.00p
52 Week Low 159.20p
Volume 6,178,496
Shares Issued 843.51m
Market Cap £2,059.86m

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