As you might have guessed from the headline, next week is an important one for the Coles Group Ltd (ASX: COL) share price. On Wednesday 26 October, the S&P/ASX 200 (ASX: XJO) supermarket giant is scheduled to deliver its quarterly sales results covering the three months to 30 September 2022.
Given sales are one of the most important factors contributing to Coles' underlying profitability, investors will no doubt be paying close attention. But what of the Coles share price today? Could it be in the value zone ahead of this important update?
Coles shares have had what could be described as a resilient year so far in 2022. The ASX 200 has lost more than 11.2% year to date. But the Coles share price has lost a tamer 7.5%. It's also faring better than the broader market over the past 12 months.
Saying that, it has still been a bit of a bumpy ride for the company. Since 19 August, Coles has lost a painful 14.5%, sliding from over $19 to the $16.53 we see presently (at the time of writing).
So does this mean Coles is in the buy zone right now?
Image source: Getty Images
Is the Coles share price a pre-update buy right now?
Well, one ASX broker thinks so. As my Fool colleague James covered earlier this week, broker Morgans is bullish on Coles shares right now. Morgans currently has an add rating on Coles, with a 12-month share price target of $20. That implies a potential upside of close to 21% from today's pricing.
Morgans sees Coles continuing to dial up its dividend payments over the next 12 months. It is anticipating 65 cents per share in fully franked dividends for the 2022 financial year, and 66 cents per share for FY2023.
But not all expert opinions are so optimistic. My Fool colleague Bernd recently discussed how Coles shares are tracking compared to the company's arch-rival Woolworths Group Ltd (ASX: WOW). He noted that another ASX broker in UBS only has a neutral rating on the company right now.
Although UBS reckons Woolworths will be hindered more by volume weakness than Coles for the latest quarter, it still has a share price target of $16.23 on the grocer right now. That's below the current Coles share price.
So mixed opinions on Coles shares today from some ASX experts.
Let's see what the company has in store for investors next week.
At the current Coles share price, this ASX 200 supermarket giant has a market capitalisation of $22.14 billion, with a dividend yield of 3.81%.
