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Tesco Upgraded to Buy on Defensive Credentials: Shore
(Bloomberg) -- Tesco upgraded to buy from hold at Shore, which says the U.K. grocer has rebuilt its defensive credentials that will “come to the fore in the more constrained times ahead.”
- Shore sees EPS declining in the current year, followed by a “sharp rebound” in FY22 with further growth after that, analyst Darren Shirley writes in a note
- There’s scope for extra cash to be returned to shareholders annually, given Tesco will soon be meeting its leverage targets, Shore says
- NOTE: Tesco shares trade 0.9% higher as of 10:42am in London
- The U.K. grocer on June 26 said 1Q sales jumped more than expected, fueled by customers switching from discounters, pandemic-related stockpiling and a surge in online shopping
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