Woolworths Group (ASX:WOW) posted a "strong" fiscal first-half result that exceeded expectations, with cost-out met, like-for-like sales advancing, and margins improving, Jarden Research said in a Wednesday note.

The supermarket giant reported Wednesday fiscal first-half earnings of AU$0.70 per share before significant items, up from AU$0.602 a year earlier.

Meanwhile, its revenue for the six months ended Jan. 4, was AU$37.14 billion, compared with AU$35.93 billion a year earlier.

The strong results indicate positive momentum for the business, with expectations of consensus upgrades and higher stock trading, Jarden said.

Jarden maintained its overweight rating and price target of AU$31 on Woolworths.

Woolworths shares rose past 12% in afternoon trade Wednesday and earlier reached their highest since February 2024.