SSP Group Price Target Cut at Citi, Firm Remains Bullish

Citi's analyst Leo Carrington has adjusted the price target for SSP Group (LON: SSPG) downwards from 330 GBp to 320 GBp, although maintaining a Buy rating on the shares. SSP Group, the operator of various food and beverage outlets globally has seen it's shares dip by 29.63% since the start of the year.

SSP Group, with a market capitalisation of approximately £1.25 billion, has witnessed significant fluctuations in its stock price. The shares currently trade at 161p, nearer their fifty-two-week low of 142.2 hit in July than the 52 wk high of 243.20 (coming at the back end of 2023).

Despite the cut in target price from Citi, the firm remains strongly bullish on the stock, with the target mark of 320p close to double the current price action on SSP.

Established in 1961 and headquartered in London, SSP Group continues to focus on expanding its offerings in food and beverage outlets located in travel and retail hubs across various regions including North America, the United Kingdom, Europe, Asia Pacific, and the Middle East. SSP holds a vast network of outlets, serving millions of commuters and travelers each year.

Given its extensive international presence and the recovering travel sector, SSP Group may be well-positioned to leverage the increasing global movement as tourism and business travel resume pace following the disruptions caused by the global health crisis. The stable Buy rating by Citi reflects an anticipation of potential long-term recovery and growth in SSP's operations and financial performance.