Wm Morrison Supermarkets’ (LON:MRW) share price has climbed higher in today’s session, ahead of the grocer’s interims due out tomorrow. The update will come after the latest Kantar data showed that the grocer’s sales had fallen in the 12 weeks to August 11.
As of 15:01 BST, Morrisons’ share price had added 1.91 percent to 195.00p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 1.02 percent higher at 7,342.11 points. The group’s shares have given up about a quarter of their value over the past year, as compared with about a one-percent gain in the Footsie.
Morrisons to post results
Morrisons is set to post its half-year results tomorrow and Interactive Investor reports that investors will be looking for some overdue good news from the company, with the share price having fallen 29 percent over the last year and 18 percent in the past six months alone.
“The current market consensus of the shares as a ‘hold’ is indicative of the fact that investors currently believe there to be better value elsewhere in the sector,” the newswire’s analyst Richard Hunter commented in a note.
IG meanwhile reports that earnings per share are expected to come in at 6.4p, up 2.6 percent year-on-year, while the grocer’s revenue is expected to have climbed to £8.9 billion.
The update will come after Kantar Worldpanel said last month that Morrisons’ sales had fallen 2.7 percent in the 12 weeks to August 11, while its market share dropped to 10.1 percent during the reported period.
Analyst ratings update
The 15 analysts offering 12-month price targets for the Morrisons share price for the Financial Times have a median target of 235.00p on the shares, with a high estimate of 255.00p and a low estimate of 180.00p. As of September 6, the consensus forecast amongst 22 polled investment analysts covering the blue-chip supermarket advises investors to hold their position in the company.