The Deliveroo share price is seeing a second day of gains, after a JP Morgan upgrade of its stock preserved the stock’s upside momentum.
JP Morgan upgraded the stock to overweight, saying that the stock has overtaken Just Eat Takeaway in London and is fast contending for market share in several other UK cities that had traditionally been JET’s mainstay. The bank has raised its Deliveroo share price target from 333p to 392p; a remarkable uptick to the share price upgrade.
Investors appear pleased with the 20% price upgrade provided by JP Morgan and placed extra demand on the stock this Thursday. The stock is up 0.32% as of writing.
Deliveroo Share Price Outlook
The intraday bounce on the 311.2 support preserves the integrity of this pivot and keeps the Deliveroo share price on course to close higher than yesterday’s 318.8 closing price. This scenario would see the bulls aiming for a pitstop at 326.1, and lack of opposition here allows them to turn their attention to the resistance zone between 331.0 and 336.
On the flip side, bears would need to oversee a breakdown of 311.2 and the channel’s lower border before the 300.9 support comes into view. 290.9 and 274.9 are additional price targets to the south, with 262.4 also coming into the picture if the decline is extensive.
Deliveroo: 4-hour Chart
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