Recommendation and upside We are initiating coverage of Ocado Plc. (market cap. of £3.3bn and a float of c.67%) with an ‘Add’ recommendation and a target price of 570p (c.13% upside). Our upside is driven by the robust growth in both business segments. The solutions business is likely to take the driver’s seat as Ocado monetises the proprietary solution OSP by offering it to other retailers. Management’s recent success in forging two partnerships in France (tradi
