Grocery Outlet Holding Corp (NASDAQ:GO) reported upbeat earnings for its third quarter on Tuesday.

The company posted quarterly earnings of 28 cents per share which beat the analyst consensus estimate of 27 cents per share. The company reported quarterly sales of $1.11 billion which beat the analyst consensus estimate of $1.10 billion.

Eric Lindberg, Chairman and Interim President and CEO of Grocery Outlet said, “Our double-digit third quarter net sales growth reflects the strong positioning of our consumer offering – value continues to win in the market and we continue to grow our share of consumer non-discretionary spending.”

Grocery Outlet updated its FY24 EPS guidance from 89 cents-95 cents to 77 cents-80 cents. The company also updated its revenue forecast from $4.30 billion-$4.35 billion to slightly above $4.35 billion.

Grocery Outlet shares gained 10.4% to trade at $16.08 on Wednesday.

These analysts made changes to their price targets on Grocery Outlet following earnings announcement.

• TD Cowen analyst Oliver Chen downgraded Grocery Outlet from Buy to Hold and lowered the price target from $25 to $16.
• Craig-Hallum analyst Jeremy Hamblin maintained Grocery Outlet with a Hold and lowered the price target from $20 to $17.
• Wells Fargo analyst Anthony Bonadio maintained the stock with an Overweight and slashed the price target from $26 to $23.
• Deutsche Bank analyst Paul Trussell maintained Grocery Outlet with a Buy and lowered the price target from $29 to $26.
• Telsey Advisory Group analyst Joseph Feldman maintained the stock with a Market Perform and lowered the price target from $19 to $18.
• Roth MKM analyst Bill Kirk maintained Grocery Outlet with a Neutral and cut he price target from $20 to $16.
• UBS analyst Michael Lasser maintained the stock with a Neutral and lowered the price target from $21 to $16.

Considering buying GO stock? Here’s what analysts think:

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