Typical PG (please be wrong)......19 Sep 2012 19:40
The same broker has turned its eye towards online grocer Ocado, and thinks its third quarter (Q3) sales update is likely to disappoint. "Despite a slow start to Q3 due to the Bank Holidays around the Diamond Jubilee, Ocado (as of the interims) still expected to see accelerated sales growth in Q3 and Q4. Given the likely impact of the Olympics upon sales, this now looks unlikely, as it always did," predicts Panmure Gordon, which is a seller of the stock.
"We are looking for 13% sales growth in Q3, but this looks to have downside risk. We believe that Ocado continues to underperform its multichannel competitors," the broker said.