It has a strong management team, offers future growth from both new stores and online, and delivers good free cash flow and dividends, says analyst Bethany Hocking.
It comes as the firm unveiled a rise in sales over what it called a "challenging" Christmas trading season.
From November 13 to December 31, the wine retailer saw like-for-like (LFL) sales rise 1.1% from a year earlier with total sales for the same period up 5.1%.
"This is a good result, in line with our expectations, and marks a stable trend from the 1.2% LFL for the 6 weeks to 12 Nov reported at the interims," said Hocking, who targets a price of 480p for the shares.
Majestic shares were unchanged today at 450 pence each.