# Barclays sees THG earnings growth as whey costs ease, Nutrition margins recover

> Barclays initiated coverage of e-commerce company THG with an equal weight rating and a 42 pence price target, forecasting 12% annual earnings growth from 2026 to 2028. The bank expects margin recovery at THG's Nutrition division as whey protein costs fall. THG said WPC80 whey prices have dropped about 20% since its September interim results.

- Date: 2026-11-11 · published 2026-11-12T09:09:14.796Z
- Category: market · region UK · magnitude low
- Page: https://feedsoft.ai/events/95256-barclays-sees-thg-earnings-growth-as-whey-costs-ease-nutrition-margins-recover
- Commodities: [Dry Whey](https://feedsoft.ai/c/WHEY.md)

## Why it matters

Lower whey protein prices reduce input costs for protein-supplement makers and signal softer dry whey demand and pricing. The effect on feed-grade whey is modest, since this is a brand-level analyst note.

## Read by commodity

- WHEY: bearish ▼

## Sources

- investing.com: https://www.investing.com/news/stock-market-news/barclays-sees-thg-earnings-growth-as-whey-costs-ease-nutrition-margins-recover-5018726

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.