Berenberg raises target for Greggs stock from GBp 2,200 to GBp 2,300

Greggs (ISIN GB00B63QSB39) received a higher Berenberg target of GBp 2,300 from GBp 2,200 on October 1, 2026, according to Hargreaves Lansdown. The move followed stronger third-quarter trading and a modestly improved full-year outlook. On September 30, Greggs also proposed consolidating manufacturing operations, with four sites potentially affected and 740 roles at risk, according to the Financial Times.

Sales accelerated in the third quarter

The operating figures explain why the broker became more constructive. Greggs reported total sales growth of 7.7 percent in the 13 weeks to September 26, 2026, while company-managed like-for-like sales rose 3.4 percent. For the first 39 weeks, total sales increased 7.4 percent and like-for-like sales rose 2.6 percent, according to the Financial Times.

That improvement was visible against the 2.1 percent like-for-like growth reported for the first half. Greggs had opened 95 shops and closed 38 by September 26, leaving 57 net openings and 2,796 shops trading, according to Quartr. Management retained its 2026 goal of 100 to 110 net new shops.

What does the target imply?

Berenberg's GBp 2,300 target sits above the seven-analyst consensus of GBp 1,962.86, while the broker kept a Buy view, according to MarketBeat. The counterweight is execution: the manufacturing proposal could require GBP 60 million in cash costs before annual pre-tax savings of GBP 20 million are expected across fiscal years 2028 and 2029, according to the Financial Times.

Three developments set the timeline

On July 29, 2026, Greggs reported quarterly earnings per share of GBp 55.10, according to MarketBeat. On September 30, 2026, third-quarter total sales rose 7.7 percent. On October 1, 2026, Berenberg raised its target from GBp 2,200 to GBp 2,300, as reported by Hargreaves Lansdown.

Dates for the next update

Factory decisions are expected toward the end of November 2026, according to AskTraders. Greggs' next fourth-quarter trading update is scheduled for January 14, 2027, according to Simply Wall St.

Efficiency plan meets growth spending

Greggs is balancing expansion with a manufacturing redesign intended to support capacity for at least 3,500 shops. For investors, the key tension is clear: third-quarter sales accelerated, but the proposed restructuring carries near-term cash costs and a consultation process.

The further course of trading is shown by the continuously updated real-time quote of Greggs stock.

Market context: Market report FTSE 100.

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