Ever since its November 2018 initial public offering and spin off from full Wesfarmers Ltd (ASX: WES) ownership the direction of the Coles Group Ltd (ASX: COL) share price has divided professional investors and analysts. For example brokerage UBS reportedly has a 'sell' rating and $12.30 price target on Coles, while other powerful brokers such as Citi and Goldman Sachs reportedly have "buy" ratings on the supermarket business. Goldman's price target on the shares being $14.10.
Today, Coles shares hit a record high of $14.23 amidst a broad share market rally that has seen the S&P/ ASX200 (ASX: XJO) hit a 12 year of all-time high as interest rates in Australia sink.
Coles recently told investors it's targeting $1 billion of cost savings by FY 2023 with June quarter comparable same-store sales growth expected to be similar to that delivered in the second and third quarters. It's also expecting to report capex between $700 million to $900 million over FY 2019 as it invests heavily in refreshing its supermarkets.
It will hand in its full year numbers on August 22.
