Woolworths Group Ltd (ASX: WOW) shares have stormed higher through the first nine months of 2026.
At the time of writing on Friday afternoon, the shares are trading in the green, up around 1% to $38.51.
The latest increase means the shares are now up an impressive 31% for the year to date, and they're 44% higher than 12 months ago.
The increase has been pretty stable and consistent, too.
The supermarket giant's stock has mostly trended upwards (with the exception of a dip in late April and a recovery a month later).
It looks like the growing share price is mostly driven by investor confidence that the company's turnaround story is coming to fruition, after a difficult period in 2025.
The supermarket's most recent price-sensitive news was the announcement of its impressive FY26 results in late August. It posted a 3.6% year-on-year increase in sales and a 6.7% increase in EBITDA (before significant items). On the bottom line, Woolworths achieved a 15.4% increase in its NPAT (before significant items) for the year.
As part of its FY26 results announcement, management declared a 52-cent per share dividend, up 15.6% from FY25.
It's been tailwind after tailwind for Woolworths shares this year. Now the question is, is there any more upside left? Or has the ASX consumer staples stock finally reached a ceiling?
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Buy, hold, or sell? Here's what brokers forecast for Woolworths shares
The experts are divided.
Market Index data shows that brokers are split equally between a hold and a sell rating. The $37.57 average target price implies a potential 2% downside ahead.
On TradingView, the majority of analysts (nine out of 17) have a hold rating on the shares. Another six rate Woolworths shares are a sell/strong sell and two rate them as a buy.
The $39.67 average target price implies a potential 3% upside ahead. Although the range between the maximum and minimum is quite wide. Some tip the shares to fall 8% to $35.40, and others think they would increase 13% to $43.50, at the time of writing.
Shaw and Partners has a sell rating on Woolworths shares. The broker warns that the shares could struggle to outperform over coming months. It adds that the supermarket has experienced a strong recovery in the past year, and now much of the recent improvement is reflected in the share price.
Elsewhere, Bell Potter is more positive. The broker has a hold rating on Woolworths shares and a $42.35 target price. It was impressed with the company's latest FY26 results but doesn't think potential growth is high enough to warrant a buy rating.
Morgans has an accumulate rating and $43.50 target price. Following the supermarket's results, the broker is more confident that its sales growth can be sustained.
