Woolworths Group Ltd shares just hit a 52-week high

It certainly has been a positive few days of trade for the Woolworths Group Ltd (ASX: WOW) share price.

The retail conglomerate’s shares are up almost 4% over the last five trading days and reached a 52-week high of $28.00 during trade on Monday.

Why are Woolworths’ shares on a good run?

The catalyst for this strong run appears to be down to improved investor sentiment. Especially after the release of a broker note out of Deutsche Bank last month

That note revealed that Deutsche’s analysts have slapped a buy rating and $30.00 price target on Woolworths’ shares.

The broker made the move after its analysts investigated the impact of the Coles-Wesfarmers Ltd (ASX: WES) demerger.

Although the broker believes that Coles may be more successful on its own, the disruption caused by the spin-off could be an opportunity for Woolworths to extend its market leadership and sales growth.

Deutsche has forecast earnings per share of $1.24 for Woolworths in FY 2018, pricing its shares at approximately 22x forward earnings today. After which, in FY 2019 earnings per share is expected to increase by 12% to $1.39.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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