Goldman Sachs analyst Richard Edwards initiated coverage of Ocado Group with a Neutral rating and 600 GBp price target. The firm estimates Ocado will continue to be free cash flow negative until 2030 and will therefore need to refinance GBP 1.45B worth of bonds due 2025-27, but uncertainty over the feasibility and cost of further bond issues leads it to be "more cautious on the share price outlook."
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