Coles Group (ASX:COL) is expected to trade at the same price-to-earnings (P/E) multiple as Woolworths Group (ASX:WOW), driven by strong e-commerce share gains, margin gains from the removal of transitional supply chain costs, and a more streamlined portfolio, Morgan Stanley said, according to multiple media reports.
Morgan Stanley analyst Melinda Baxter reportedly said that, due to their attractive valuation, supermarkets are preferred over discretionary retailers.
Baxter also noted that consumer staples are trading at a 20% P/E discount to discretionary stocks, the largest gap in a decade, driven by their defensive
characteristics and robust earnings growth outlook for fiscal 2026, the report added.
The firm raised COL's rating to overweight and its price target to AU$21.70 from AU$18.40.
Woolworths Group's shares fell almost 2% in recent Wednesday trade, earlier hitting their lowest since June 2019.
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