A leading American investment bank expects UK growth from Just Eat Takeaway.com NV to be comfortably ahead of consensus but the US performance to be “rather weak”.

JP Morgan in a note ahead of Wednesday’s third-quarter trading update said that, based on its own data analysis, domestic orders will be up by 55% year-on-year, while Stateside the figure will be around 6%.

It also said while JET looks cheap when compared to its rivals, there are good reasons for the discount valuation.

JPM reckons the market is concerned over the investment being ploughed into the UK, US and Germany, while also noting the company has gone into grocery delivery a little late in the day.

The lowly share price might make the UK takeaway delivery group vulnerable to M&A activity (a takeover, in layman’s language); however, it sees little or no appetite for this from JET’s larger US or South African rivals.

JPM’s stock recommendation is ‘neutral’, though on the note the JET price target of GBP84.48 is well ahead of the current price GBP59.47. Perhaps it’s a misprint.

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