Ocado Group initiated with a Hold at Deutsche Bank

Deutsche Bank analyst Nooshin Nejati initiated coverage of Ocado Group with a Hold rating and 550 GBp price target. Once a pure online grocery player, Ocado has evolved into a prime technology provider to some of the leading grocers worldwide, the analyst tells investors in a research note. The firm expects the current macro backdrop to weigh on the retail sector "for a little longer" and sees a balanced risk/reward at current share levels.