Crumbling consumer demand bites into My Food Bag – Craigs

A move to a cheaper product could trim margins. (Image: My Food Bag)

Fri, 14 Apr 2023

Craigs Investment Partners slashed its 12-month target price on My Food Bag but retained a "neutral" rating as consumer demand wanes. It now has a 12-month target price of 30 cents a share, down from a prior view of 60 cents a share. Analyst Joshua Dale said an 11.8% drop in delivery volumes in the 10 months to January will weigh on earnings.He's forecasting home deliveries fell 12.2% to 1,345,000 kits in the year that ended March 31 but expects it to fall even further to 1,300,000 in the current financial year. A f...

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