That drop reflects a mix of weaker consumer confidence, rising costs and possible over-expansion just as the UK economy cooled. Even so, when I look at the broker research, most of the professionals are not throwing in the towel. Their average 12‑month price target is 1,700p, only about 6% above the current level. JP Morgan, in particular, called it a "structural winner", pointing to strong unit economics and high sales per square foot. It fears that the rising popularity of GLP‑1 medicines will hurt sales of bakeries like Greggs, impacting medium‑term growth.