Macquarie Equities has upgraded its rating for Woolworths Group (ASX:WOW) to "outperform" while keeping its price target unchanged at AU$30.80, The Australian reported on Tuesday, citing Caleb Wheatley.
The upgrade is supported by Macquarie's conviction on defensive stocks like supermarket operators as the global outlook has been turbulent after ongoing tariff disputes, the report added.
Apart from being a hedge against trade war uncertainties, Macquarie said the company is trading at or below long-run average valuation multiples.
Macquarie Equities' Caleb Whitley also expects a "buying opportunity" ahead of a final report from the Australian Competition and Consumer Commission related to the domestic supermarket industry slated for release within the month.
Woolworths' shares rose 1% in recent Tuesday trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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