Australian grocers win analyst upgrades on coronavirus stockpiling, home cooking [Reuters]
WESFARMERS LTD UNSP/ADR (WFAFY)
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Source: Reuters
Australian grocers win analyst upgrades on coronavirus stockpiling, home cooking SYDNEY, March 17 (Reuters) - Analysts have slapped hefty earnings upgrades on Australia’s supermarket companies as they predict a shift to home cooking in the age of coronavirus, helping the sector’s shares defy a global rout. As stores rush out rationing measures to cope with a demand spike from panic buying that has cleared many supermarket shelves, analysts said profits would leap in the short term and stay high as consumer behaviour changed. “We believe COVID-19 will embed new behaviours in consumers, potentially leading to an acceleration in the rate of online penetration ... and is likely to see a return to cooking at home, at least in the near term,” said UBS analysts in a note, using the official name for the illness that has infected nearly 400 Australians and led to five deaths. The investment bank estimated sales of large grocers have risen by a quarter in recent weeks, compared with a year ear
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