"Despite building up its dotcom capacity Waitrose is still dependent on Ocado as its biggest customer, whilst Ocado still needs the cache of the Waitrose brand, despite building up its third party brands and own-label." Jefferies added that should Waitrose call it quits, it would not be catastrophic news for Ocado, and increased its price target on the stock to 350p (currently trading at 330p), arguing that 2015 could see Ocado sign its first international agreements. Although noting customer flows could be disrupted, it said that Ocado "should be in a position to find alternative supply partners".