A leading analyst has said that Greggs, the high street bakery operator, needs to further clarify its growth strategy if it is not to be viewed as an ex-growth yield stock. Greg Feehely of Altium Securities said that despite some cost easing, rising meat and energy prices lacklustre UK economic growth and increased competition combine to “present notable head winds” for the c.1,540-strong company. He said: “With like-for-like sales being marginally positive, the majority of growth is being derived from its cost efficiency and expansion programmes. Therefore, Greggs needs to further clarify the potential number of stores it believes the UK can support and/or develop an alternative avenue of expansion if the group is not to be viewed as an ex-growth yield stocks.” Feehely said that if the latter transpires, the company could certainly attract bid interest. He gave the group’s shares a 430p target price and a Sell recommendation.