`Why this top broker thinks the Woolworths (ASX:WOW) share price can break new record highs

The party may not be over for the Woolworths Group Ltd (ASX: WOW) share price as JPMorgan upgraded the supermarket giant.

The upgrade means that the Woolworths share price could soon be re-testing last February’s record high of $43.45.

The ASX share has outperformed its archrival. The Coles Group Ltd (ASX: COL) share price has been virtually flat over the past year when the Woolworths share price jumped nearly 14%.

The gain isn’t as impressive as the Metcash Limited (ASX: MTS) share price, which rallied 31% over the period.

Woolworths share price could reach new highs

But the Woolies share price may not have peaked, according to JPMorgan. The broker lifted its recommendation on Woolworths to “overweight” with a 12-month…