The Woolworths Group Ltd (ASX: WOW) share price was on fire on Wednesday.
The supermarket giant's shares ended the session 13% higher at $35.63.
Investors were buying the company's shares after it released a solid half-year result.
But does this mean it is now too late to invest? Let's see what analysts at Bell Potter are saying.
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What did the broker say?
Bell Potter wasn't overly surprised to see the Woolworths share price shoot higher yesterday.
It highlights that the company's results were comfortably ahead of expectations. This includes an acceleration in revenue growth after a tricky period. The broker said:
Revenue of $37,135m was up +3% YoY (vs. BPe $37,200m and VA $37,223m). EBITDA of $3,206m was up +9% YOY (vs. BPe of $3,127m and VA $3,173m). Underlying NPAT of $859m was up 16% YOY (vs. BPe of $845m and VA $816m).
1H26 was cycling 1H25 results wore the impact of 1H25 industrial action in the Australian Food business ($95m in EBIT) and the impact of supply chain commissioning and dual running costs. Significant items after tax of $485m are largely linked to legal provisions related to historical staff underpayments. Group gross margin was up +18bps YoY and CODB was down 25bps YoY.
Bell Potter was also pleased with management's outlook commentary. It adds:
Key outlook comments included: (1) Australian Food first 7wks trading showing +5.8% YoY (vs. +2.6% YoY underlying in 1H26) and FY26e EBIT is expected to be at the upper end of the mid-to-high single digit YoY growth range provided in Aug'25; (2) NZ Food first 7wks trading showing +1.7% YOY (vs. +2.8% YoY in 1H26); (3) Big W first 7wks trading is broadly flat YoY and FY26e EBIT is projected to be positive (and significantly weighted to 1H26); and (4) Other LBIT is forecast at $240-260m a modest increase from previous guidance of $240m.
Has the Woolworths share price peaked?
The good news is that Bell Potter believes the Woolworths share price can continue to rise.
According to the note, the broker has retained its buy rating with an improved price target of $38.25 (from $30.70).
Based on its current share price of $35.63, this implies potential upside of 7.3% for investors over the next 12 months.
In addition, the broker is forecasting a 2.7% dividend yield, which boosts the total potential return to 10%.
Commenting on its buy recommendation, Bell Potter said:
The clear highlight is the pick-up in top line growth in the Australian food business, which adjusting for supply chain disruptions in the pcp returned to +3.2% YoY in 2Q26 (from +2.1% in 1Q26) and the maintenance of GM despite investing in price. While the stock has closed the gap on its historical trading multiple, we see execution against medium term targets in the Australian and NZ Food businesses as likely to sustain a reasonable level of growth to FY28e.
